Officials in Vallejo, California hammered out a financial agreement late on Thursday with police and fire-fighters that may allow the cash-strapped former Navy town to avoid becoming the first sizeable city in the state to file for bankruptcy.
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A Bay Area suburb grappling with declining revenue and ballooning employee expenses postponed a vote on Thursday on whether to become the first city in the state to declare bankruptcy over a budget shortfall.
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Vallejo’s City Council is set to meet Tuesday night to discuss filing for Chapter 9 bankruptcy as a last-resort solution to address looming budget deficits.
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Solutia Inc. said Tuesday it received bankruptcy court approval of its $2.05 billion exit financing package that will allow the company to emerge from bankruptcy on Thursday, more than four years after originally filing for Chapter 11 protection.
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