Creditors Fill Court Room In First Stockton Bankruptcy Hearing
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STOCKTON (CBS13) – Friday’s hearing lasted under two hours but this process is expected to last several months.
Friday we learned the timeline going forward and what information will be made public.
Eighteen creditors filled a federal courtroom Friday morning for the first hearing since the city of Stockton filed for bankruptcy, the largest city in the U.S. to ever do so.
“This is the beginning of what could be a very complicated case,” said Marc Levinson, representative for Stockton.
Friday’s hearing was mostly procedural, but the judge did provide a timeline going forward.
The city will present their case for bankruptcy on July 20.
Creditors have until August 9, to submit their objections. Then, both sides will return to court on August 23, where the creditors will present their side.
“By and large he decided the way the parties wanted them decided. But he had his own opinions about things,” said Levinson.
The judge also decided what information will be made public during the process, including the number and length of meetings, the participants of the meetings, and the status of negotiations.
The city, if it chooses, may also disclose the offers they have put on the table.
“We wanted to disclose everything, and the judge didn’t want to go that far,” said Levinson.
Both sides will continue to meet for mediated negotiations.
The city says they have already reached an agreement with two unions and a representative for the Stockton Police Officers Association says their hopeful that there will be further resolutions.
“I think this is going to be an interesting process. The whole point is to come up with a fair and equitable plan,” said Donna Parkinson, Stockton Police Officers Association.
The city has also put up a website for the public with information on the bankruptcy proceedings.
The next court appearance is August 23, at 10 am.