Bankruptcy
Aug. 4, 2011
Water district's bankruptcy plan approved
A U.S. Bankruptcy judge has approved the Los Osos Community Services District’s bankruptcy plan, bringing to an end nearly five years of litigation surrounding plans to build a sewer system near Morro Bay.
By Ben Adlin
Daily Journal Staff Writer
A U.S. Bankruptcy judge has approved the Los Osos Community Services District's bankruptcy plan, bringing to an end nearly five years of litigation surrounding plans to build a sewer system near Morro Bay.
Under the terms of the plan, approved late Friday by Judge Robin L. Riblet, the district will pay back original bondholders in full. Unsecured creditors and contractors will receive between 35 and 40 cents on the dollar. The ...
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