Struggling Atlantic City may default on state loan
TRENTON — In yet another twist in the ongoing saga of financially struggling Atlantic City, the local government appears set this week to violate the terms of a $73 million state loan.
But Mayor Don Guardian has asked the state for a "reprieve" from penalty as city leaders continue to work on a five-year plan to fix its finances and avoid a state takeover.
The Press of Atlantic City was the first to report of Guardian's request.
Battered by a string of casino closings that have obliterated its tax base, Atlantic City was given the loan to help with its cash flow as it tries to formulate its financial plan by the state's November deadline.
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