Bondholders who extended pension payment money to San Bernardino, Calif., urged its bankruptcy judge to keep the city's chapter 9 case alive, enabling city leaders to make spending cuts deep enough to restore its financial health, Dow Jones DBR Small Cap reported today. After analyzing the city's finances, several bondholder groups said that the city needs the power of bankruptcy to cut back on the overly generous salaries and benefits it promised to its employees.
