Within the next three months, Stockton could become the nation's largest city to file for protection from creditors under U.S. bankruptcy code. Using a new California law, the City Council is trying to slow or stop the bust by entering mediation with creditors, including public employee unions. In the meantime, the Central Valley port city of 300,000 has suspended several bond payments and will not cash out vacation or sick time for employees who leave.How many more Stocktons are out there in the next 5 years?
Sunday, March 11, 2012
Stockton , CA Heads Towards Chapter 9 Bankruptcy
The L.A. Times reports: