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...
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