IRVINE
About to recover millions more from the county’s 1994 bankruptcy, Irvine officials said they are pleased to be moving on.
To date, $172.7 million of Irvine’s $208.3-million loss has been repaid. An additional $29.6 million should be handed over to the city by Feb. 24, resulting in 97.1% recovery of its principal, said Judy Vonada, assistant city manager.
The $1.6-billion debacle was the largest municipal bankruptcy in U.S. history, involving the county and more than 200 cities, school districts and other public agencies.
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