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.
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