Bankruptcy
Apr. 19, 2013
There's only one way out for Stockton and San Bernardino
CalPERS is the largest creditor in both cases and is governed by statutes providing that its contracts cannot be rejected in a bankruptcy proceeding. By Karol Denniston
Chapter 9 debtors are between a rock and a hard place - with limited options other than to confirm a plan and get out of bankruptcy. At this juncture, bankruptcy is the only option for Stockton and San Bernardino.
Stockton: a well-run, expensive case
Stockton worked through the AB506 neutral evaluation process to reach agreements with its collective bargaining units before filing its bankruptcy petitio...
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