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San Bernardino Says Calpers Is Largest Unsecured Creditor

San Bernardino Says Calpers Is Largest Unsecured Creditor
People walk across the street in San Bernardino, California, on July 11, 2012. Photographer: Jonathan Alcorn/Bloomberg

San Bernardino, the third California city to seek bankruptcy protection since June, listed the state’s Public Employees’ Retirement System as its biggest unsecured creditor, owed about $143.3 million, according to a bankruptcy court filing.

The city also asked the court to set a deadline of Sept. 21 for creditors to challenge San Bernardino’s eligibility to seek bankruptcy protection. The court has scheduled Oct. 3 for a status hearing on any objections it receives, while a first hearing on the city’s bankruptcy case is yet to be held.

San Bernardino showed the amount owed to Calpers for its unfunded pension costs in a filing of its 20 largest unsecured creditors, which collectively are owed about $281.4 million. The city also owes about $46.1 million on pension obligation bonds, and $3.3 million is owed to Public Agency Retirement Services of Newport Beach, California, for unfunded pensions.

Unsecured debt related to pensions totaled about $192.8 million, according to court documents.

San Bernardino filed for municipal bankruptcy Aug. 1 after disclosing a $46 million shortfall in the city’s budget. The city of 209,000 about 60 miles (97 kilometers) east of Los Angeles, listed assets and debt of more than $1 billion in a filing with the U.S. Bankruptcy Court in Riverside, California.

The case is In re San Bernardino, 12-28006, U.S. Bankruptcy Court, Central District of California (Riverside).

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