(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.
Follow us for more stories like this
CapRadio provides a trusted source of news because of you. As a nonprofit organization, donations from people like you sustain the journalism that allows us to discover stories that are important to our audience. If you believe in what we do and support our mission, please donate today.
Donate Today
