California City to Submit Bankruptcy Exit Plan
Posted on Mar 8, 2011 8:40pm PST
Vallejo, California will reportedly submit a bankruptcy exit plan in the near future. The plan will reportedly allow the city to delay repaying debt to creditors until 2013. The plan will also have a proposal for a scaled-down employed benefit system and a reduced pension fund for city workers. The city first declared
Chapter 9 bankruptcy in 2008.
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