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Pensions Still Cloud Stockton Bankruptcy Exit
Calpensions Apr. 21, 2014
"Stockton's plan to leave a huge pension debt untouched was still an issue last week as the city council, hoping to end a two-year bankruptcy, approved settlements for 95 percent of the claims. The settlements include Assured Guaranty and National Public Finance Guarantee, the main opponents of Stockton's eligibility for bankruptcy. The bond insurers argued that an early plan to cut bond debt, but not pension debt, treated creditors unfairly. Now the last major creditor that has not settled, Franklin Bonds, argues that if Stockton exits bankruptcy without cutting pension debt, the city could slide back toward insolvency like Vallejo."
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