The financially-troubled city of Central Falls filed for Chapter 9 bankruptcy protection on Aug. 1, 2011, after receiver Robert Flanders Jr. was unable to get enough concessions from past and current employees.
Flanders took the action because of the city’s dire financial problems, driven in part by a grossly underfunded pension plan for police officers and firefighters. According to the filing, unless major changes are made, the city will have a deficit of $5.6 million by June 30, 2012.
Central Falls is the first municipality in Rhode Island history to file for bankruptcy…