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Stockton, Calif., won court approval of its plan to exit bankruptcy by paying bond investors pennies on the dollar while shielding public pensions, in a case closely watched by other cities facing heavy retiree costs, Bloomberg News reported yesterday. “This plan, I’m persuaded, is the best that could be done in terms of restructuring the city’s debts,” Bankruptcy Judge Christopher Klein said at a hearing yesterday. Bankruptcy lawyers and pension advocates...

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About ABI

The American Bankruptcy Institute is the largest multi-disciplinary, non-partisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues.The ABI membership includes more than 13,000 attorneys, auctioneers, bankers, judges, lenders, professors, turnaround specialists, accountants and other bankruptcy professionals...More...