Central Falls, R.I., is nearing its exit from chapter 9 bankruptcy protection after Bankruptcy Judge Frank Bailey cleared the city's attorneys to send out copies of the city's bankruptcy-exit plan to be voted on by creditors, Dow Jones DBR Small Cap reported today. Municipal creditors who would suffer the deepest cuts would be the Central Falls' retired public workers, firefighters and police officers who agreed to accept cuts of up to 55 percent under that plan.
