San Bernardino bondholders agree to settlement in city bankruptcy

March 30, 2016 8:21 PM

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SAN FRANCISCO, March 30 The city of San Bernardino reached a settlement in its municipal bankruptcy on Tuesday that gives pension bondholders a 60 percent haircut.

The deal reduces the city's payments to pension bondholders by $45 million. The payments will be made over 30 years, starting one year after San Bernardino's Chapter 9 plan is confirmed, according to the city.

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