Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

13 of 15
BACKNEXT
Vallejo, Calif.: Like state, like city
Vallejo, Calif.: Like state, like city
The town on San Pablo Bay just north of San Francisco filed bankruptcy as plunging property taxes crippled the town's coffers and left the city unable to make-good on union labor contracts.

A bit more than a year ago, the town of Vallejo, Calif., filed for Chapter 9 bankruptcy, and the city is still working to negotiate with labor unions, in particular the fire and police departments. Vallejo had to file for Chapter 9 bankruptcy -- not Chapter 11, as corporations do -- because it does not have the option to restructure its debt, as corporations do with a Chapter 11 filing.

A revolving door of city leaders hasn't helped the town manage the negotiations, and there is no timeline for when Vallejo expects to exit bankruptcy.

Home to just shy of 120,000 people, Vallejo was established in 1844 as a shipping center, but the Mare Island Naval Shipyard was shut down in 1996. The town is also home to one of Six Flags more successful theme parks, Discovery Kingdom.

NEXT: Lear hits the brakes

Last updated September 25 2009: 2:55 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
13 hottest tech gifts under $100 Some of the hottest products of the year cost well under $100, from gaming consoles and VR headsets to drones. More
14 gifts gamers would actually want Whether you're shopping for a Pokémon GO fan or someone who owns every console ever made, we've got holiday shopping recommendations to suit everyone from beginners to the most discerning gamer. More
14 coolest toys for the holiday season Our list of must-have toys includes a self-hatching interactive pet, a coding toy for toddlers and a high-tech Barbie Dreamhouse. More

Special Offer