Central Falls, R.I., exited from bankruptcy in a mere 13 months. Whether Judge Frank Bailey's assertion last week in Providence that the 19,000-population city's reorganization could serve as a national model remains an open question.

"That's hard to say. Every case is different," Roberto Kampfner, a financial restructuring and insolvency partner with White & Case LLP, said in a telephone interview from Los Angeles. "It's a different game out here. I don't know if you'd have a similar type of solution than that in Rhode Island."

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