San Bernardino Granted Chapter 9 Eligibility; Bankruptcy to Move Forward Through MediationAugust 29, 2013 – In The News
Michael Sweet was quoted in the Debtwire article "San Bernardino Granted Chapter 9 Eligibility; Bankruptcy to Move Forward Through Mediation." While the full text can be found in the August 29, 2013, issue of Debtwire, a synopsis is noted below.
Judge Meredith Jury granted San Bernardino bankruptcy protection under chapter 9, ending a year-long eligibility battle. The city’s filing was met with strong opposition from the California Public Employees Retirement System (CalPERS).
“If she denied eligibility, it’s utter chaos for the city and its employees. If CalPERS won, it would benefit it in the short term; but in the long run, it could end up harming pensions as well,” Michael Sweet said.