One Day Left In Stockton Bankruptcy Trial
(AP) - The bankruptcy trial of the largest city in California to file for Chapter 9 protection will continue for another day with more witnesses testifying and attorneys making closing arguments.
Connie Cochran, a spokeswoman for the city of Stockton, said Thursday that the case will resume in a Sacramento courtroom on June 4.
Stockton is asking a judge to approve a plan that would reorganize more than $900 million in long-term debt.
The city has reached deals with all of its major creditors, except for Franklin Templeton Investments, which took Stockton to trial.
Franklin Templeton says it's being offered 1 cent on the dollar for a $35 million loan and wants U.S. Bankruptcy Judge Christopher Klein to reject Stockton's bankruptcy plan.