IE Business Daily Business news for the Inland Empire.
Now that it’s been declared eligible for bankruptcy protection, San Bernardino must prepare a plan explaining how it will deal with its creditors.
U.S. District Judge Meredith Jury ruled that the city has until Oct. 15 to present its plan, a much earlier deadline than the city had asked for.Attorneys for San Bernardino have said it could take until the end of the year to assemble the plan, according to a published report.
Jury, who recently approved the city’s bankruptcy filing, said she expect a broad outline detailing how San Bernardino plans to pay its debts. Its largest creditor is the California Public Employees’ Retirement System, according to the report.
