NEW: Central Falls to Emerge from Bankruptcy
Thursday, September 06, 2012
A bankruptcy court judge today approved a plan that would Central Falls to emerge from bankruptcy.
Under the plan, the city’s elected officials would regain control over the city in January 2013 and retirees would have their pensions cut.
Governor Chafee released the follow statement:
“Today, I am pleased to announce that the United States Bankruptcy Court affirmed a plan that promises to return the highly distressed city of Central Falls to a financially viable community. As a result of this plan the city will have a balanced budget until 2017 including a sustainable pension and healthcare system for retirees. I want to thank Rosemary Booth-Gallogly, Robert Flanders, Theodore Orson and all the other people that worked tirelessly to see this through.
“None of this would have been possible without collaboration on the part of the legislature, the unions, the city employees and the retirees. All of these people worked tirelessly and made great sacrifices to ensure that Central Falls will once again have the opportunity to become the thriving community it once was.”
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