Reuters: Bankruptcy News: Judge affirms Central Falls, R.I. bankruptcy plan

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Judge affirms Central Falls, R.I. bankruptcy plan Sep 6th 2012, 17:54 Sept 6 | Thu Sep 6, 2012 1:54pm EDT Sept 6 (Reuters) - Central Falls, Rhode Island, took a big step toward exiting bankruptcy on Thursday when a judge signed off on a plan that balances the impoverished city's budget for the next five years by hiking taxes, cutting employees and pensions and revising labor contracts. The case has garnered attention for its treatment of the city's bondholders, who remain unscathed while pensioners took a huge hit, in contrast with some other recent U.S. municipal bankruptcies. Judge Frank Bailey confirmed the Chapter 9 debt adjustment plan in U.S. Bankruptcy Court for the District of Rhode Island. No creditors objected to the plan, and only 2 of 237 creditors eligible to vote on the plan cast ballots against it.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions