Creditors objected to elements of the city of San Bernardino's initial debt payment plan at a bankruptcy court hearing on Thursday, saying that the city was not being forthcoming about what assets it had and complaining about the lengthy process, Reuters reported on Friday. San Bernardino has proposed paying a penny on the dollar on nearly $50 million in pension obligation bonds held by EEPK, the Luxembourg-based bank and the city's second largest creditor behind the California Public Employee Retirement System. Representing EEPK at the hearing in Riverside, Calif., Vince Marriott said that the city had failed to reveal to creditors how much property it owned, its value, and whether it could be liquidated. Representing the city of San Bernardino, Paul Glassman said that the city would identify any excess properties but said the creditors were misguided if they thought there were great sums of money to be had through their sale.
