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Perspective

Feb. 13, 2013

Court rules city doesn't need approval to settle claims during Chapter 9

The bankruptcy court presiding over Stockton's Chapter 9 case issued a written opinion on Feb. 5. By David Kupetz


By David Kupetz


The cities of Stockton and San Bernardino are debtors in cases currently pending under Chapter 9 of the Bankruptcy Code. Stockton has defaulted on certain bonds and is continuing to make contributions to CalPERS. San Bernardino has suspended its payments to CalPERS. The goal in these cases is confirmation of a Chapter 9 plan restructuring debt.


In the Stockton case, "capital market creditors" (indenture trustee, bond insurer, a...

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