By Tricia Kang |Staff Writer| The San Bernardino City Council filed an emergency petition for Chapter 9 Bankruptcy in the court proceedings. Chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts according to the United States Courts website. Officials realized that they needed to address the management in order to give the city a chance after it went into bankruptcy in 2012, for $45 million. City council members expect San Bernardino to emerge from Chapter 9 protection within Spring of 2018, as a debt free city. A hearing confirmed of the City's Plan of Adjustment of Debts is … [Read more...] about City Council Roundup, Chapter 9 Bankruptcy
Recent Comments