Skip to content
CapRadio

CapRadio

signal status listen live donate
listen live donate signal status
listen live donate signal status
  • News
    • topics
    • State Government
    • Environment
    • Health Care
    • Race and Equity
    • Business
    • Arts and Lifestyle
    • Food and Sustainability
    • PolitiFact California
  • Music
    • genres
    • Classical
    • Jazz
    • Eclectic
    • Daily Playlist
  • Programs + Podcasts
    • news
    • Morning Edition
    • All Things Considered
    • Marketplace
    • Insight With Vicki Gonzalez
    • music
    • Acid Jazz
    • At the Opera
    • Classical Music
    • Connections
    • Excellence in Jazz
    • Hey, Listen!
    • K-ZAP on CapRadio
    • Mick Martin's Blues Party
    • Programs A-Z
    • Podcast Directory
  • Schedules
    • News
    • Music
    • ClassicalStream
    • JazzStream
    • Weekly Schedule
    • Daily Playlist
  • Community
    • Events Calendar
    • CapRadio Garden
    • CapRadio Reads
    • Ticket Giveaways
  • Support
    • Evergreen Gift
    • One-Time Gift
    • Corporate Support
    • Vehicle Donation
    • Stock Gift
    • Legacy Gift
    • Endowment Gift
    • Benefits
    • Member FAQ
    • e‑Newsletter
    • Drawing Winners
    • Thank You Gifts
  • About Us
  • Contact Us
  • Close Menu
 We Get Support From:
Become a Supporter 
 We Get Support From:
Become a Supporter 

Judge Approves Stockton Bankruptcy Plan

  •  Bob Moffitt 
Thursday, October 30, 2014 | Sacramento, CA
Listen
/
Update RequiredTo play audio, update browser or Flash plugin.
Andrew Nixon / Capital Public Radio
 

Andrew Nixon / Capital Public Radio

A judge has granted final approval of the City of Stockton's two-billion-dollar bankruptcy recovery plan.

Stockton Mayor Anthony Silva applauded the decision.

"I don't think this is a time to pat ourselves on the back just yet. I think it's important not to forget the sacrifices that so many made, such as retirees, the employees, and the residents of Stockton."

As part of the plan, voters approved a sales tax increase last November and retirees gave up $545 million in healthcare benefits.  

The objections of one creditor -Franklin Templeton- threatened to make those cuts even worse. The company wanted more money under the deal, claiming the pensioners were being treated more favorably.

But Judge Christopher Klein ruled today those objections were insufficient to void a plan approved by the city's other creditors.

Anthony Delgado is retired from the Stockton Police Department. He says he's glad the judge approved no further cuts to benefits, but...

"I would equate it to the bridge crew of the Titanic celebrating getting 700 people off the ship. It sank. People lost their lives. In this setting, people lost their jobs, they lost their benefits and my life has been on hold the last two-and-a-half years waiting for this result to come."

An investigation in 2012 uncovered years of accounting gimmicks and unfunded liabilities approved by previous city councils that a former city manager equated to a ponzi scheme.


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  

    Related Stories

  • Andrew Nixon / Capital Public Radio

    Latest Ruling Marks End Of Stockton's Bankruptcy Proceedings

    Tuesday, January 20, 2015
    The judge in Stockton's bankruptcy case has given final approvalfor the city to implement its restructuring plan.

 stocktonbankruptcy

Bob Moffitt

Former Sacramento Region Reporter

Bob reported on all things northern California and Nevada. His coverage of police technology, local athletes, and the environment has won a regional Associated Press and several Edward R. Murrow awards.  Read Full Bio 

Coronavirus Newsletter

Get answers to your questions, the latest updates and easy access to the resources you need, delivered to your inbox.

 

Want to know what to expect? Here's a recent newsletter.

Thanks for subscribing!

We'll send you weekly emails so you can stay informed about the coronavirus in California.

Browse all newsletters

More Stories

Andrew Nixon / CapRadio

Much of the Sacramento Valley is under red flag warning starting Thursday

May 18, 2022

Sacramento County Board District 5: Where candidates stand on environmental issues

May 19, 2022

Josh Edelson/AFP via Getty Images

Is your house at risk of a wildfire? This online tool could tell you

May 16, 2022

Most Viewed

We Get Support From:
Become a Supporter

Most Viewed

Back to Top

  • CapRadio

    7055 Folsom Boulevard
    Sacramento, CA 95826-2625

    • (916) 278-8900
    • Toll-free (877) 480-5900
    • Email Us
    • Submit a News Tip
  • Contact Us

  • About Us

    • Contact Us / Feedback
    • Coverage
    • Directions
    • Careers & Internships
    • Mission / Vision / Core Values
    • Press
    • Staff Directory
    • Board of Directors
  • Listening Options

    • Mobile App
    • On Air Schedules
    • Smart Speakers
    • Playlist
    • Podcasts
    • RSS
  • Connect With Us

    •  Facebook
    •  Twitter
    •  Instagram
    •  YouTube
  • Donate

  • Listen

  • Newsletters

CapRadio stations are licensed to California State University, Sacramento. © 2022, Capital Public Radio. All Rights Reserved. Privacy Policy | Website Feedback FCC Public Files: KXJZ KKTO KUOP KQNC KXPR KXSR KXJS. For assistance accessing our public files, please call 916-278-8900 or email us.