October 1, 2014 / 11:49 PM / 3 years ago

Judge to decide in late Oct if Stockton, Calif., can exit bankruptcy

Oct 1 (Reuters) - The judge presiding over the Stockton, Calif., bankruptcy case said he will wait until late October to make a final ruling over whether the city can exit bankruptcy.

U.S. Bankruptcy Judge Christopher Klein said late on Wednesday afternoon that he was “not in a position to make a decision right now, in light of everything said today,” and scheduled a new hearing for Oct. 30.

Earlier on Wednesday, Klein said the city’s contract with the California Public Employees’ Retirement System, the world’s largest pension fund, could be rejected. Stockton has presented a plan to exit its two-year foray in Chapter 9 protection that does not cut public employee pensions. (Reporting By Robin Respaut; Editing by Ken Wills)

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