Less than a week after Vallejo, California, won approval of its plan to emerge from a three-year-long bankruptcy, financially beleaguered Central Falls, Rhode Island, is going the Chapter 9 route.
The smallest city in the nation’s smallest state filed for Chapter 9 protection Monday, a little more than a year after seeking a state-appointed receiver’s assistance in dealing with the crippling debt created by what is now some $80 million in unfunded public employee pension obligations.
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