Robert Flanders News
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The lowest municipal yields in a generation may help Rhode Island cut the cost of repaying $75 million it borrowed to lure former Boston Red Sox pitcher Curt Schilling’s now-bankrupt video-game company from Massachusetts.
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Providence, Rhode Island’s capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit, Robert Flanders, the state- appointed receiver for nearby Central Falls, said yesterday.
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The receiver for Central Falls, the Rhode Island city that declared bankruptcy last month, proposed a five-year plan for fiscal recovery that shields bondholders from losses while cutting benefits to retirees, imposing givebacks on unions and raising property taxes.
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Central Falls, Rhode Island’s poorest city, sought Chapter 9 bankruptcy protection as it struggles to meet pension obligations.
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Central Falls, Rhode Island, whose motto is “a city with a bright future,” has cast a shadow across the rest of the state by entering bankruptcy.
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Rhode Island Governor Lincoln Chafee, scion of a family of state Republican leaders, won election as an independent last year with just 36 percent of the vote. That was the easy part.
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Scranton Mayor Christopher Doherty is blunt when asked about a court order forcing his Pennsylvania city to pay about $30 million in wages withheld from police and firefighters under a state-approved fiscal recovery plan.
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