Municipal Bond Credit Report: Chester, Pennsylvania, has filed for Chapter 9 bankruptcy. The petition was filed Thursday in the United States Bankruptcy Court for the Eastern District of Pennsylvania.
In its Chapter 9 filing, the city’s receiver listed estimated liabilities of between $100 million and $500 million with assets of between $10 million and $50 million. The city has about $15 million of bonds still outstanding, according to reports and has an unfunded pension liability of more than $100 million.
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