SACRAMENTO, Calif. - (Mealey's) A federal bankruptcy judge in California on April 1
ruled that the City of Stockton, Calif., which had filed for Chapter 9
bankruptcy in June, was eligible to seek bankruptcy because the city did not
file its petition in bad faith and was indeed insolvent at the...
On April 1, 2013, the U.S. Bankruptcy Court for the
Eastern District of California ruled that the City of Stockton qualified to
file for protection under chapter 9 of the Bankruptcy Code. The court's decision
on this issue serves as an important milestone for chapter 9 jurisprudence,
Nearly nine months after it filed
for protection under Chapter 9 of the Bankruptcy Code , a federal bankruptcy
judge last week determined that the
city of Stockton, California has satisfied the requirements of Section 109(c)
of the Bankruptcy Code and may proceed with its efforts to adjust its
by Barbara Altimus Shreero
Judge Christopher M. Klein's decision to accept the
City of Stockton's petition for bankruptcy on April 1, 2013 set the stage for a
battle over whether public workers' pensions can be reduced through municipal
Stockton's public revenues...
The Chapter 9 bankruptcy case of Stockton, California has come to an unexpectedly quick and consensual resolution . The outcome here, which will see the city’s pension obligations maintained, is particularly surprising given the vehement opposition of Stockton’s bond insurers at the outset...