Chapter 9 bankruptcy

3 Stories

Fake Budgets Drive San Bernardino Bankrupt

It's the latest in a string of three California cities to go under

(Newser) - California's cities are dropping like flies : San Bernardino's city council voted to enter Chapter 9 bankruptcy last night, making it the third California city to do so in as many weeks, the AP reports. With a population of about 210,000, it'll be the second-largest US city... More »

Harrisburg, Pa., Declares Bankruptcy

Filing means capital will lose state aid

(Newser) - The capital of Pennsylvania filed for Chapter 9 bankruptcy protection last night, defying a new state law created to prohibit it from doing so. The Harrisburg city council voted 4-3 to take the drastic step, with supporters arguing that the state’s proposed recovery plan was unacceptable, Bloomberg reports. “... More »

Rhode Island City Declares Bankruptcy

Retiree health benefits sink city of Central Falls

(Newser) - Central Falls, Rhode Island, declared Chapter 9 bankruptcy yesterday, a virtually unheard of move prompted by a mass of unfunded pension and retiree health benefits. Central Falls, which Reuters calls "the smallest city in the smallest US state," has just 19,000 residents—yet it has a budget... More »

3 Stories