Reuters: U.S.: Stockton city council backs plan to exit bankruptcy

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Stockton city council backs plan to exit bankruptcy Oct 4th 2013, 03:38 Tweet Share this Email Print An All-America city banner hangs over City Hall in Stockton, California June 27, 2012. Credit: Reuters/Kevin Bartram STOCKTON, California | Thu Oct 3, 2013 10:55pm EDT STOCKTON, California (Reuters) - Stockton, California's city council approved a plan on Thursday for the city to adjust its debt to exit from bankruptcy after reaching a deal with bond insurer Assured Guaranty to restructure more than $150 million of outstanding debt. The deal marks the end of a long and often bitter fight between Stockton and its biggest bond insurers since the city filed for bankruptcy last year and stunned the U.S. municipal debt market with threats of forcing losses on bondholders while leaving pension payments intact. "Now we have deals with every bond insurer that's involved in the bankruptcy process," Stockton City Manager Bob Deis said, adding he is hopeful the city is on track to exit bankruptcy in about six months. (Reporting by Jim Christie; Editing by Eric Walsh) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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