Near and dear to my heart. Stockton is 50 miles outside Sacramento. I used to golf there every now and then.
Stockton, California, to File for Bankruptcy Protection
By Steven Church and Alison Vekshin - Jun 27, 2012 4:08 AM ET
Bloomberg.com
Stockton, California, said it will file for bankruptcy after talks with bondholders and labor unions failed, making the agricultural center the biggest U.S. city to seek court protection from creditors.
“The city is fiscally insolvent and must seek chapter 9 bankruptcy protection,” Stockton said in a statement released yesterday after its council voted 6-1 to adopt a spending plan for operating under bankruptcy protection. “In addition to the bankruptcy petition, the city will file a motion with the courts to share information from the confidential mediation.”
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“Retirees are not going to be happy,” said Ginter, who represented retired Vallejo workers in that city’s bankruptcy. “My prediction is that retiree health care is cut. I wouldn’t be surprised to see it cut to zero.”
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The city has cut services so much the last two years that “public safety is at a crisis level,” officials said in a June 5 fiscal report. Unemployment, at 15.4 percent in April, was almost double the national average according to the U.S. Department of Labor.
Stockton ranked third in murders last year among large California cities, behind Los Angeles and Oakland, according to FBI data.
More: http://www.bloomberg.com/news/2012-06-27/stockton-california-to-file-for-bankruptcy-city-says.html
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