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ARTICLE · 18 MAY 2015

San Bernardino Plan To Exit Bankruptcy To Be Released Thursday

Fox Rothschild LLP
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Michael Sweet was featured in San Bernardino County Sun article, "San Bernardino Plan to Exit Bankruptcy to Be Released Thursday."

United StatesInsolvency/Bankruptcy/Re-Structuring
San Bernardino County Sun
San Bernardino County Sun
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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.

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