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City on Long Island’s South Shore Hires Restructuring Team

  • Long Beach owes developer $130 million after court judgment
  • City hires M3 Partners and O’Melveny & Myers as advisers
As Floods Push Homes Higher, the Disabled Risk Being Pushed Out
Photographer: Nolan Ryan Trowe/Bloomberg
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Long Beach, New York, a city of about 34,000 on Long Island’s south shore, is considering restructuring obligations that could surpass $460 million as it faces a court judgment that exceeds its annual revenue.

The community, about 25 miles (40 kilometers) east of New York City, last week hired M3 Partners, LP to help it develop a restructuring plan and O’Melveny & Myers LLP for legal advice, according to city meeting minutes. In January, a Nassau County judge awarded about $130 million to a developer who had sued the city in 1989 over the revocation of permits to build condominium towers.