Wells Fargo, Other Creditors To Work With Stockton, Calif.

Law360, New York (March 22, 2012, 9:30 PM EDT) -- Wells Fargo Bank NA, the California Public Employees' Retirement System and 16 other creditors have agreed to try to help the financially struggling Stockton, Calif., stave off bankruptcy, the city said Wednesday.

Stockton, buckling under the weight of retiree health insurance obligations, large bond sales, big labor contracts, loss of revenue and poor financial practices, is taking advantage of a new California law that lets municipalities in financial distress confidentially mediate with creditors or “interested parties” with $5 million or more in obligations or debt, Stockton...
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