San Bernardino Commits to Mediation ‘Outline’


San Bernardino Commits to Mediation ‘Outline’

by Joel R. Glucksman on September 17, 2013

One week after a U.S. Bankruptcy Judge ruled that the city of San Bernardino is eligible to seek protection under the provisions of Chapter 9 municipal bankruptcy, city officials committed to preparing an "outline" by October 15 when they enter into discussions with creditors and a mediator.

The city will be required to enter into payment negotiations with the California Public Employees' Retirement System (CalPERS) and other creditors to expedite a restructuring plan, and the ongoing battle over pension rights is expected to take several months to resolve. City officials are expected to propose a plan that greatly reduces pension benefits for retirees and existing workers, despite CalPERS' assertion that the state constitution fully protects and prioritizes pension rights. CalPERS is currently the city's largest creditor.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Bankruptcy Updates, Finance & Banking Updates, Intellectual Property Updates, Mergers & Acquisitions Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Joel Glucksman, Scarinci Hollenbeck | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »