Vallejo, Calif. Approves Ch. 9 Business Plan

Law360, New York (December 1, 2010, 7:32 PM EST) -- The city council of Vallejo, Calif., has unanimously approved a five-year business plan that contains the financial framework for the city to exit Chapter 9 bankruptcy.

Council members approved the business plan Tuesday in a 7-0 vote, paving the way for Vallejo to file a disclosure statement and Chapter 9 plan of adjustment within the next couple of months.

Among other things, the  plan contains strategies to maintain a balanced operating budget, address creditor and debt obligations, and rebuild fiscal stability.

Specifically, it calls for more labor...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.