RI City's Disclosure Statement Gets Judge's Nod

Law360, New York (July 30, 2012, 8:08 PM EDT) -- A bankruptcy judge on Friday approved the Chapter 9 disclosure statement of Central Falls, R.I., clearing the way for creditors to vote on a plan that protects approximately $27 million in municipal bonds while slashing some retiree pensions by as much as 55 percent.

The approval marks a milestone for the 19,000-resident city, which filed for bankruptcy in August to revamp its pension obligations after tax increases and austerity measures failed to tide over millions of dollars in debt. If approved by creditors, the plan would...
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