September 28, 2013 / 12:41 AM / in 4 years

Stockton, California, says has outlines of pension bond settlement

SAN FRANCISCO, Sept 27 (Reuters) - Stockton, California, unveiled on Friday a draft plan for exiting from bankruptcy that it said had the “outlines of a negotiated settlement” with bond insurer Assured Guaranty over $124.3 million in outstanding pension obligation bonds.

“As this document was being finalized the City was in negotiations with this creditor and had developed the outlines of a negotiated settlement,” the plan said, adding that a draft term sheet had not yet been reviewed by executive management at Assured.

The draft plan provided no details on the potential settlement. A spokesman for Assured declined to comment.

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