What Does a Municipal Bankruptcy Look Like?

The New Republic

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THE AVENUE FEBRUARY 2, 2011

What Does a Municipal Bankruptcy Look Like?

In Vallejo, Calif., the city just outside San Francisco trying to emerge from its 2008 bankruptcy, it looks like “unsecured creditors receive 5 to 20 cents on the dollar.” And who are those unsecured creditors?

Mostly city employees and retirees.

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posted in: the avenue, metro policy, san francisco, vallejo, california

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