Vallejo, Calif., Files Ch. 9 Plan

Law360, New York (January 19, 2011, 6:58 PM EST) -- The city of Vallejo, Calif., has filed a plan of adjustment proposing an exit from Chapter 9 bankruptcy that provides its unsecured creditors with a payout of about 5 to 20 percent of their claims.

The debtor filed its plan Tuesday in the U.S. Bankruptcy Court for the Eastern District of California along with a notice encouraging parties who might wish to suggest changes to contact the city in order to enable it to file an amended plan in advance of a March 7 approval hearing....
To view the full article, register now.