March 14 (Bloomberg) — San Bernardino, the bankrupt Southern California city, has a tentative agreement with its biggest creditor, the California Public Employees' Retirement System, that should help it in talks with others, the city's lead bankruptcy attorney said.
"A potential settlement between the city and Calpers will have a material positive impact" on reaching agreements with other creditors in mediation, the lawyer, Paul Glassman, said yesterday at a hearing in Riverside, California. "The agreement is not in final form," he said.
A deal with Calpers would be a breakthrough in resolving the city's bankruptcy, U.S. Bankruptcy Judge Meredith M. Jury said. Resolving what the city must pay Calpers would tell other creditors "how much of that pie is left for divvying up," she said.
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