Atlantic City to Receive State Loan To Stave Off Default

ATLANTIC CITY, N.J. (AP) -

Atlantic City is about to get a long-awaited state loan to help it stave off default and possibly bankruptcy.

The City Council called an emergency meeting Thursday to vote to accept the $74 million loan to help the nearly broke city get through the rest of the year. Moody’s had warned the day earlier that the city would likely default on a $3.4 million debt service payment on Monday if the loan did not go through before then.