Harrisburg receiver selects finalist for parking assets negotiations

By Jim Witters

Wilmington, Del., Oct. 15 - The state-appointed receiver for the city of Harrsiburg, Pa., has selected Harrisburg First as the finalist in negotiations for the city's parking assets, according to a press release issued Oct. 15.

A screening and evaluation team worked with the receiver and his advisers to make the determination.

Harrisburg First is a group led by Guggenheim Securities and includes Standard Parking and AEW.

Standard Parking operates in more than 300 cities.

AEW is a real estate asset manager with parking assets in its portfolio.

Guggenheim Securities is a unit of Guggenheim Partners, which is a privately held global financial services firm with more than $160 billion in assets under management.

The city found itself in default on bonds used to finance an incinerator and parking garages.

Harrisburg's city council made a Chapter 9 bankruptcy filing on behalf of the city in October 2011.

That case was dismissed in November after several objectors claimed the city did not quality as a Chapter 9 debtor.

All of the objections cited a Pennsylvania law that was amended in 2011 to prohibit a third-class, financially distressed city from filing bankruptcy until July 1, 2012.

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