Bloomberg Businessweek | March.20.2012
This article, about Stockton, California's request for mediation prior to its bankruptcy filing, quotes Sacramento restructuring partner and Stockton's counsel, Marc Levinson.
The confidential negotiations will take as long as 60 days, Levinson said. During that time, the city or a majority of the interested parties can choose to extend talks another 30 days. After 90 days, the city and a majority of the parties may agree to an indefinite extension, Levinson said.