Government
Jan. 21, 2011
City Files Plan to Exit Bankruptcy
Attorneys for the city of Vallejo filed its plan of adjustment this week, paving the way for the city's exit from bankruptcy nearly three years after the process began.
Daily Journal Staff Writer
Attorneys for the city of Vallejo filed its plan of adjustment in U.S. Bankruptcy Court in Sacramento Tuesday night, paving the way for the city's exit from bankruptcy nearly three years after the process began.
The city filed for Chapter 9 bankruptcy protection in May 2008, a move that has been viewed widely as a lesson to other cities about the dangers of letting employee benefits and pensions r...
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