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    Showdown in Stockton: CalPERS needs dentist and everyone else needs to talk
    2015-02-19

    Bankruptcy Judge Chris Klein recently issued his formal confirmation opinion in Stockton’s Chapter 9 bankruptcy case. While there were no real surprises, the opinion makes for entertaining reading given the Court’s more than serious conclusion that:

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs, CalPERS
    Authors:
    Karol K. Denniston
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Bankruptcy court decides that the Bankruptcy Code preempts California state pension laws
    2015-02-09

    In a February 4, 2015 opinion, the bankruptcy judge presiding over Stockton, California's Chapter 9 municipal bankruptcy case approved Stockton's bankruptcy plan of adjustment. 

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Nossaman LLP, Federal preemption, Bankruptcy, CalPERS, United States bankruptcy court
    Authors:
    Allan H. Ickowitz
    Location:
    USA
    Firm:
    Nossaman LLP
    Bankruptcy Court signals that public pension obligations could be impaired in chapter 9 bankruptcy along with other creditors
    2013-04-05

    On April 1, 2013, Judge Christopher Klein, Chief Judge of the United States Bankruptcy Court for the Eastern District of California, ruled that the City of Stockton, California, could proceed with its chapter 9 bankruptcy filing. Judge Klein’s decision affirmed Stockton’s status as the largest US city (population 300,000) to have successfully sought bankruptcy protection and proceed with bankruptcy.1 Judge Klein’s comments on the record may also signal that the resolution of Stockton’s chapter 9 will require the impairment of the city’s pension obligations.

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bond (finance), Bankruptcy, Good faith, CalPERS, United States bankruptcy court, US District Court for Eastern District of California
    Authors:
    Robert A. Klyman , Ursula H. Hyman , Lucas R. Bailey
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Judge rules in favor of Stockton and accepts Chapter 9 petition
    2013-04-09

    Round one of the fight between the City of Stockton, California and its creditors is finally over. On April 1, 2013, Bankruptcy Judge Christopher M. Klein held that Stockton satisfied the eligibility requirements for a Chapter 9 debtor.

    Back on June 28, 2012, Stockton filed a petition seeking to adjust its debts under Chapter 9 of the United States Bankruptcy Code.

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Bond (finance), Bankruptcy, Good faith, CalPERS
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Court holds that Stockton is eligible to file for chapter 9
    2013-04-03

    On April 1, 2013, the U.S. Bankruptcy Court for the Eastern District of California ruled that the City of Stockton qualified to file for protection under chapter 9 of the Bankruptcy Code. The court’s decision on this issue serves as an important milestone for chapter 9 jurisprudence, clarifying the requirements for “good faith” negotiations and being “insolvent” as conditions to filing for chapter 9 protection. Significantly, the court held that a municipal debtor need not negotiate with all of its creditors, only those that it intends to impair.

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bond (finance), Good faith, CalPERS, Title 11 of the US Code, United States bankruptcy court, US District Court for Eastern District of California
    Authors:
    Mark C. Ellenberg , Lary Stromfeld , Thomas Curtin , Michele C. Maman
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Court rejects CalPERS’ efforts to lift stay in San Bernardino case
    2013-01-02

    In a ruling predicted by the Restructuring Review Blog last month, Judge Meredith A. Jury of the U.S. Bankruptcy Court for the Central District of California rejected arguments by CalPERS that the Bankruptcy Court should lift the automatic stay and require San Bernardino to pay pension obligations owed to the pension fund. In re City of San Bernardino, California, Case No. 12‑blk‑28006‑MJ , (Bankr. C.D. Cal. Dec. 21, 2012) (Docket No. 299).

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, CalPERS, US District Court for Central District of California
    Authors:
    Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    California dreaming? CalPERS seeks payment in full of all pension obligations during pendency of San Bernardino’s Chapter 9 case
    2012-12-10

    California has seen a string of three Chapter 9 filings this year and faces a long line of distressed municipalities.  Given this backdrop, the California Public Employees’ Retirement System (“CalPERS”) figures to play a prominent role in the resolution of many of these situations (in or out of bankruptcy).  Thus, the bond‑buying public will scrutinize closely any steps that CalPERS takes to protect its claims in the Bankruptcy Court.

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Public, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, CalPERS, Title 11 of the US Code
    Authors:
    Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Showdown in Stockton: CalPERS needs dentist and everyone else needs to talk
    2015-02-19

    Bankruptcy Judge Chris Klein recently issued his formal confirmation opinion in Stockton’s Chapter 9 bankruptcy case. While there were no real surprises, the opinion makes for entertaining reading given the Court’s more than serious conclusion that:

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs, CalPERS
    Authors:
    Karol K. Denniston
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Bankruptcy Court signals that public pension obligations could be impaired in chapter 9 bankruptcy along with other creditors
    2013-04-05

    On April 1, 2013, Judge Christopher Klein, Chief Judge of the United States Bankruptcy Court for the Eastern District of California, ruled that the City of Stockton, California, could proceed with its chapter 9 bankruptcy filing. Judge Klein’s decision affirmed Stockton’s status as the largest US city (population 300,000) to have successfully sought bankruptcy protection and proceed with bankruptcy.1 Judge Klein’s comments on the record may also signal that the resolution of Stockton’s chapter 9 will require the impairment of the city’s pension obligations.

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bond (finance), Bankruptcy, Good faith, CalPERS, United States bankruptcy court, US District Court for Eastern District of California
    Authors:
    Robert A. Klyman
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Court rejects CalPERS’ efforts to lift stay in San Bernardino case
    2013-01-02

    In a ruling predicted by the Restructuring Review Blog last month, Judge Meredith A. Jury of the U.S. Bankruptcy Court for the Central District of California rejected arguments by CalPERS that the Bankruptcy Court should lift the automatic stay and require San Bernardino to pay pension obligations owed to the pension fund. In re City of San Bernardino, California, Case No. 12‑blk‑28006‑MJ , (Bankr. C.D. Cal. Dec. 21, 2012) (Docket No. 299).

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, CalPERS, US District Court for Central District of California
    Authors:
    Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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