Stockton, Calif.’s creditors, including public workers, will have to wait a little longer to find out whether the city’s plan to exit bankruptcy will win a judge’s approval, Bloomberg News reported yesterday. At a hearing this week, the city sought approval of a plan that pays public worker pensions in full, while offering Franklin Resources Inc. only 1 percent of what its funds are owed. San Mateo, Calif.-based Franklin has argued that the pensions shouldn’t get preferential treatment. Bankruptcy Judge Christopher Klein initially scheduled a further hearing for May 29, followed by closing arguments. The hearing was changed to June 4 after Franklin’s attorney, James Johnston of the Jones Day law firm, told the judge a key witness wouldn’t be available on May 29.
