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.
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
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,...
by Ben Feder
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...