SACRAMENTO, Calif. (AP) — An attorney for the largest city in California to seek bankruptcy protection told a judge Monday that he has tried to reach a deal with Stockton’s last major creditor, but the company is not budging.
Marc Levinson, an attorney for the city, made the comments during his opening statement in a trial over Stockton’s plan to emerge from bankruptcy. The city is asking a judge to approve the plan for reorganizing more than $900 million in long-term debt, while Franklin Templeton Investments wants U.S. Bankruptcy Judge Christopher Klein to reject it.
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