San Bernardino Plan To Exit Bankruptcy To Be Released ThursdayMay 13, 2015 – In The News
Michael Sweet was featured in San Bernardino County Sun article, “San Bernardino Plan To Exit Bankruptcy To Be Released Thursday.” Full text can be found in the May 13, 2015, issue, but a synopsis is noted below.
San Bernardino city officials plan to release a bankruptcy exit plan that favors services to citizens over returns to bondholders.
Once released, the City Council will be asked to make a commitment to the plan and the encompassing changes of which many are rather significant. The plan must also go to a U.S. bankruptcy judge, followed by legal battles regarding the propositions in the plan.
The city’s attorney, Gary Saenz, said that he believes the plan will be approved by the city, which would result in full implementation of the plan. The judge will ensure that the city follows through with the plan.
Experienced bankruptcy attorney Michael Sweet, who is not involved in the case, commented that it the most interesting part of the case will be the way the budget is divided up.
Sweet also said that the city has recently faced many of the same issues that will likely be addressed in the plan.