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Bloomberg BNN: City on Long Island’s South Shore Hires Restructuring TeamApril 20, 2021
O’Melveny will advise the City of Long Beach, New York in its restructuring plan aimed at stabilizing years of financial mismanagement that have left the municipality with US$120 million in bond debt, US$140 million in retiree health benefit liabilities, US$30 million in compensated absences, and US$40 million in liabilities for pensions.
The city’s fiscal distress was highlighted by Bloomberg BNN following a court judgement that holds the city liable for a further US$130 million payment over revoked developer permits, which is significantly more than the city’s anticipated US$85 million annual revenue.
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