San Bernardino Emerges From Bankruptcy After 5 Years
RIVERSIDE (AP) — After nearly five years, the city of San Bernardino has emerged from bankruptcy.
The city said in a statement Monday that starting June 15 it began paying its creditors again under the terms of a bankruptcy exit plan that a judge approved in January.
Drowning in debt, San Bernardino filed for bankruptcy on August 1, 2012. It came amid an unprecedented wave of cities declaring bankruptcy, including Vallejo, California and Detroit. Stockton, a Northern California city of similar size, declared bankruptcy just three days earlier. It emerged early in 2015.
The years of bankruptcy were tough in other ways for the inland city of 216,000. Its name became synonymous with the 2015 terrorist shootings that left 14 people dead. That was followed by a broader spike in violent crime.
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