Franklin Templeton Investments
A major investment firm is challenging a court-approved bankruptcy plan for the California city of Stockton.
A federal bankruptcy judge ruled Wednesday that Stockton’s pension issues were no different than its other bills, leaving the door open for the city to slash payments once thought protected.
An attorney for the largest city in California to seek bankruptcy protection told a judge it has tried to reach a deal with its last major creditor, but the company is not budging.
The largest city in California to file for bankruptcy protection is asking a judge Monday to approve its plan for reorganizing more than $900 million in long-term debt to rescue the city from two years of financial uncertainty.