March 13 (Bloomberg) — San Bernardino, the bankrupt Southern California city, said it has made "substantial progress" in recent talks with its biggest creditor, the California Public Employees' Retirement System.
Success in mediation with Calpers, the biggest U.S. public pension, "lays the foundation for negotiations between the city and other parties," San Bernardino officials said in a court filing yesterday, without giving details.
The statement was authorized by the federal mediator handling the city's talks with creditors and was included in a status report given to U.S. Bankruptcy Judge Meredith M. Jury, who is overseeing the case in Riverside, California. A hearing in the case is set for today.
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