Central Falls, RI files for Chapter 9 bankruptcy after failing to reach agreement with municipal...

|By:, SA News Editor

Central Falls, RI files for Chapter 9 bankruptcy after failing to reach agreement with municipal employee unions over benefit concessions. A poor city of just 18K, the town has $21M in debt and $80M in unfunded pension liabilities. Before the filing, the pension plan was expected to run off its assets by October.