Chapter 9 Bankruptcy Imminent as San Bernardino Declares Fiscal Emergency

SAN BERNARDINO, Calif. - (Mealey's) The San Bernardino City Council on July 18 voted 5-2 to declare a fiscal emergency, which allows it to file Chapter 9 bankruptcy without first negotiating with its creditors. City officials said they expect to file a petition in the next 30 days. Bankruptcy...

Are California’s 'Charter Cities' Bankruptcy Prone?

The last three major California cities to file for bankruptcy or announce plans to do so - including Stockton last month and San Bernardino two weeks ago - have something in common: They are all "charter cities." They have their own constitutions, or charters, granting them more freedom...

Citing $1 Billion In Debt, San Bernardino, Calif., Files For Chapter 9 Bankruptcy

RIVERSIDE, Calif. - (Mealey's) The City of San Bernardino, Calif., filed its much-anticipated petition for Chapter 9 bankruptcy in the evening of August 1 in the U.S. Bankruptcy Court for the Central District of California, citing more than $1 billion in debt ( In Re: City of San Bernardino,...

Steel Cage Match Between CALPERS and Bond Investors Continues in San Bernardino Chapter 9 Case

by Ben Feder The battle in California municipal bankruptcies between bond investors and Calpers , the California public employee pension system, began in the Stockton Chapter 9 bankruptcy case and continues unabated in the bankruptcy case of San Bernardino . The issues at stake - whether California...