SAN FRANCISCO — The city of Vallejo, Calif., filed a plan to exit bankruptcy that proposes to pay unsecured creditors 5 to 20 cents on the dollar. 

The plan for the city to exit Chapter 9 bankruptcy also calls for exchanging new debt to its largest creditor, Union Bank, and says Vallejo has reached an agreement over fees owed to a bond insurer.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.