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Bankrupt Stockton, Calif. Says Has Deals with Key Creditors

Stockton, California said on Friday it had struck tentative deals opening the door to settlements with two major creditors, and putting the city at the "beginning of the end" of its bankruptcy case.

By Jim Christie, Reuters | Updated on September 30, 2013

SAN FRANCISCO (Reuters) – Stockton, California said on Friday it had struck tentative deals opening the door to settlements with two major creditors, and putting the city at the “beginning of the end” of its bankruptcy case.

The deals also could avert a major court fight promised by the creditors, bond insurers that led opposition to Stockton’s bankruptcy and who had threatened to drag the state pension fund Calpers into their fight with the city.

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