Receiver wants Central Falls plan done in a month

The state-appointed receiver overseeing the finances of Central Falls says he doesn’t want the city’s bankruptcy tied up in court for years like many other cases. He wants the reorganization plan done in just one month.

The Providence Journal reported that receiver Robert G. Flanders Jr. wants the bankruptcy plan approved by the end of the summer, despite the potential for lengthy court fights over his plans for city worker concessions and cuts to city retirees’ pensions.

Flanders wants to the bankruptcy court to cut $5.6 million from the city budget by reducing operating expenses and slashing pension payments to some retired workers or their survivors by up to 50 percent.

Lawyers for labor unions and retirees say challenges to Flanders’ plans could tie up the bankruptcy for months.

Article source: http://www2.turnto10.com/news/2011/aug/15/receiver-wants-central-falls-plan-done-month-ar-687179/

Leave a Reply

WP Facebook Auto Publish Powered By : XYZScripts.com
Bunk Beds