Marking a critical moment in the bankrupt city's financial recovery, Stockton will ask U.S. Bankruptcy Judge Christopher Klein to approve a plan for reorganizing more than $900 million in long-term debt over objections from a lone creditor who says it was treated unfairly. Franklin Templeton Investments argues the city isn't touching a massive employee pension fund but is asking the investment firm to walk away from collecting on nearly $32.5 million still owed. Klein ruled earlier this month that bankruptcy law allows the city to treat pension obligations like any other debt, meaning the city could trim benefits. Marc Levinson, the city's lead bankruptcy attorney, declined to comment on the city's treatment of its contract with California Public Employees' Retirement System, or CalPERS, in light of Klein's ruling.
California City Faces Key Ruling On Bankruptcy
By SCOTT SMITH, Associated Press, San Antonio Express-News: World
Thu, 10/30/2014 - 6:50am
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