Hartford officials have hired "restructuring counsel" to help put the capitol city on a "sustainable path."
The law firm Greenberg Traurig, LLP was hired on Thursday to provide legal services to the city. One of the co-chairs of the practice, Nancy A. Mitchell, has more than 30 years of experience in restructuring and corporate finance.
"Greenberg Traurig is honored to have been asked by the City of Hartford to assist with its restructuring. Our team will use our exceptional understanding of both finance and government operations to provide quality legal services and guidance as Hartford seeks to get on sustainable financial footing," Mitchell said in a statement on Thursday.
Mayor Luke A. Bronin said the goal of Mitchell and her team is to "examine all options for putting the City of Hartford on a sustainable path."
“Over the past eighteen months, we have made significant cuts and we continue to pursue aggressive changes in our labor contracts. We have also advocated for a State budget that puts our cities in a position to be strong and vibrant, for the sake of Connecticut’s economic competitiveness. We will continue to work closely with our legislators as they work to adopt a responsible State budget. In the meantime, as we start a new fiscal year without a State budget and with significant uncertainty, we will have the advice and counsel of an experienced and highly respected restructuring firm," Bronin said in a statement on Thursday.
Hartford Treasurer Adam Cloud also said he supported the mayor's decision, but he was not alone.
“Given the fiscal issues facing our state and the fiscal cliff facing our city, we certainly understand the mayor’s administrative decision to engage municipal restructuring experts. While we continue to be hopeful that the state government will adopt a budget which provides Hartford with the necessary funding to provide for the health, safety, and welfare of our residents, as responsible stewards, we must carefully review all options. In doing so, we will examine all available tools in a considered and thoughtful attempt to restructure city government working together as a team with our Mayor and administration," City Council President Thomas “TJ” Clarke II said in a statement on Thursday.
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