Stockton Case Could Rule Out Ch. 9 For Other Cities
By Erin Coe (March 28, 2013, 11:04 PM EDT) -- A California federal judge is expected to rule Monday on whether creditors can stop Stockton from seeking Chapter 9 relief in what would be the largest-ever U.S. municipal bankruptcy, and attorneys say a decision blocking the bankruptcy would make it harder for distressed municipalities to meet eligibility standards and keep many from seeking Chapter 9 in the first place.
Following a three-day trial that wrapped up Wednesday, U.S. Bankruptcy Judge Christopher Klein is set to give an oral ruling on Stockton's eligibility as a debtor at a Monday hearing at 10 a.m., and a written ruling will follow later.
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