Bankrupt Stockton Defends Financial Plan in Court

May 12, 2014 – In The News
Associated Press

Michael A. Sweet was quoted in the Associated Press article, "Bankrupt Stockton Defends Financial Plan in Court." Full text can be found in the May 12, 2014, issue, but a synopsis is noted below.

Stockton is set to defend its plan for reorganizing more than $900 million in long-term debt and begin the process of emerging from Chapter 9 bankruptcy.

Michael Sweet noted that the judge has questioned whether the California Public Employees’ Retirement System, which manages the city’s pensions plan, should be brought into the reorganization plan.

“If that pops up again, it’s huge,” Sweet said.