The judge in Stockton's bankruptcy case has given final approval for the city to implement its restructuring plan.
The lone creditor who had asked for a delay was denied.
The City of Stockton owed Franklin Templeton Investments $35 million, but under the plan, Franklin will only receive just over $4 million.
The company is appealing the recovery plan and asked for a delay.
But Judge Christopher Klein ruled more delays would only hurt the city and ordered the city's plan to move forward while Franklin pursues the appeal.
Stockton Mayor Anthony Silva says after two years of bankruptcy, the city can start to restructure.
"The City of Stockton should be able to emerge from bankruptcy and really ride the wave of economic success that we are starting to see signs of in the national economy," says Silva.
Silva says the city will begin hiring more police officers and firefighters as it emerges from bankruptcy.
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
