Reuters: Bankruptcy News: San Bernardino preparing pre-bankruptcy talks opinion

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San Bernardino preparing pre-bankruptcy talks opinion Jul 12th 2012, 20:25 SAN FRANCISCO, July 12 | Thu Jul 12, 2012 4:25pm EDT SAN FRANCISCO, July 12 (Reuters) - San Bernardino, California's city council will receive an opinion from the city's legal staff on July 16 on whether the city needs to enter into pre-bankruptcy mediation with its creditors, a statement from the city's spokeswoman said on Thursday. A state law requires financially distressed municipalities to enter into talks with creditors to try to avert Chapter 9 bankruptcy filings, but they may skip talks if they declare a fiscal emergency. The city council will receive an opinion on its options at its next regular meeting next week, the statement said. San Bernardino's city council voted on Tuesday to file for bankruptcy, marking the third city in recent weeks in the most populous U.S. state to opt to seek protection from its creditors.

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