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Analysts say bankruptcy no option for city.

Publication: San Diego Business Journal
Publication Date: 27-SEP-04 		Format: Online - approximately 953 words
Delivery: Immediate Online Access

Article Excerpt
San Diego's financial condition may appear dire, but filing for bankruptcy protection is a drastic move that probably isn't in the cards, some finance professionals contend.

"We can't believe from this type of situation that the city would need to file for Chapter 9 (municipal bankruptcy)," said Dermis Walters, editor of the California Municipal Bond Advisor, a monthly publication that covers the state's bond market for individual investors. "That would be amazing if they did do that. It's hard to see what would be gained from bankruptcy."

While the $1.1 billion under-funding of its city pension fund will have long-term impacts, in the short term, the city isn't anywhere close to defaulting on outstanding bonds or running out of cash to pay its bills.

City Manager Lamont Ewell said speculation that the city is headed into bankruptcy is simply untrue, and such...

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