A federal judge said San Bernardino’s leaders need to explain their plan to have the southern California city exit bankruptcy protection by repaying a fraction of its debts instead of raising taxes, the Wall Street Journal reported today. Bankruptcy Judge Meredith Jury on Wednesday rejected — for a second time — the city’s proposal to cut debts, saying that it didn’t contain enough information for bondholders, retirees who face health-care cuts and others to vote on the proposal. She agreed to consider another draft of the plan at a March 9 hearing in U.S. Bankruptcy Court in Riverside, Calif.
