RI City Gets Green Light For Ch. 9 Plan

Law360, New York (September 6, 2012, 6:13 PM EDT) -- A bankruptcy judge on Thursday paved the way for Central Falls, R.I., to exit Chapter 9 bankruptcy, approving a five-year restructuring plan that would stabilize the city's finances through a mix of cuts to retiree pensions and increases in taxes.

U.S. Bankruptcy Judge Frank J. Bailey confirmed the plan for the 19,000-person city, which filed for bankruptcy in August to revamp its pension obligations after tax increases and austerity measures failed to resolve millions of dollars in debt.

The plan leaves untouched approximately $27 million in...
To view the full article, register now.




Case Information

Case Title

The City of Central Falls, Rhode Island

Case Number



Rhode Island

Nature of Suit

Date Filed

August 1, 2011

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.