Stockton set to become the largest US city to declare bankruptcy

Officials in Stockton said Tuesday that mediation with creditors has failed, meaning the city is set to become the largest American city ever to declare bankruptcy.

City Manager Bob Deis said officials were unable to reach a deal to restructure hundreds of millions of dollars of debt under a new state law designed to help municipalities avoid bankruptcy.

Monday marked the three-month deadline for negotiations.

"Unfortunately we have no comprehensive set of agreements with our creditors that would eliminate the deficit and avoid insolvency," Deis said at a City Council meeting. He said, however, that the city was still negotiating with some creditors and could reach deals with as many as one-third of them.

 

more

http://www.foxnews.com/politics/2012/06/26/stockton-set-to-become-l...

 
Check out the member blogs, videos, and discussions @ http://12160.info

Views: 625

Tags: Stockton, US, bankruptcy, become, city, declare, largest, set, the, to

Comment

You need to be a member of 12160 to add comments!

Join 12160

Photos

Loading…
  • Add Photos
  • View All

Need help or have questions/concerns?

Send a message to The Admin Team

24 or more hours of member activity

Forum

Jeb Bush: Americans are losers

Started by space wabbit in Current News/Events. Last reply by space wabbit yesterday. 2 Replies

Leonard Nimoy Dead at 83

Started by HwΩΩd♪ in Current News/Events. Last reply by Tribe of Dan yesterday. 4 Replies

Please remember this website is supported by your donations...

Report an Issue

© 2015   Created by truth.

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2015 - all rights reserved. unless otherwise noted