Bankruptcy
Aug. 26, 2013
Stockton close to submitting cramdown plan
The lead lawyer for the bankrupt city confirmed the city will file a proposal to restructure its debt in September, likely over the objections of many of the city's creditors.
By Paul Jones
Daily Journal Staff Writer
The lead lawyer for the bankrupt city of Stockton confirmed last week that the city will file a proposal to restructure its debt in September. The plan will likely be filed over the objections of many of the city's creditors, and may request the judge "cram down" the restructuring proposal over creditors' concerns.
A cramdown would be almost unprecedented for a municipal bankruptcy case and could have nati...
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