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Vallejo proposes paying some creditors only 5% to 20%

Jan 19, 2011 11:57:33 PM- latimes.com
City's bankruptcy plan proposes saving 'tens of millions' by paying a fraction of the debt owed to unsecured creditors — mostly current and former employees whose claims include unpaid sick leave and vacation.

Vallejo, which filed for bankruptcy in 2008, has proposed paying its unsecured creditors, who are mostly current and former employees, as little as 5% to 20% of the amount they say they are owed in a bid to return the economically shaky Bay Area bedroom community to fiscal health.

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