Calif. City Heading To Bankruptcy Court
The biggest share of the debt is held by companies that in 2007 insured nearly $165 million in pension bond obligations to allow the city a lower interest rate and create stability for investors. The city proposed repaying 17 cents on the dollar.
If Chapter 9 protection is approved, a federal bankruptcy judge would still have to decide whether Stockton's bankruptcy plan is fair or singles out some groups to bear more of the financial burden than others.
Reach Tracie Cone: www.twitter.com/TConeAP
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