WASHINGTON -- The state-appointed administrator of California's Richmond Unified School District last week moved to dismiss the district's bankruptcy petition and negotiate with investors over a $1.1 million, bankruptcy-induced deficiency on the district's certificates of participation.

"While the decision to file a bankruptcy petition in April was a necessary one, the majority of the district's objectives have now been met," said Fred Stewart, who is legally responsible for running the district. Mr. Stewart was appointed the district's administrator by the state superintendent of public instruction in May under a superior court order, after the district filed for bankruptcy.

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