Atlantic City stepped back from pursuing bankruptcy after its mayor and New Jersey Governor Chris Christie reached an agreement on a plan that would give the state more control over the troubled gambling hub’s finances, Bloomberg News reported yesterday. The accord is aimed at keeping Atlantic City from seeking to have its debts written down in court, Christie, a two-term Republican, said yesterday at a press conference in Trenton with Mayor Don Guardian and Senate President Stephen Sweeney, the state’s highest-ranking Democratic lawmaker. The measures, which require approval as early as next month from the Democratic-controlled legislature, will set a five-year plan for restructuring debt, contracts and consolidating services, Christie said.
