Stockton to File for Bankruptcy, Will be Largest U.S. City to Fail

Stockton to File for Bankruptcy, Will be Largest U.S. City to Fail

June 27th, 2012

Via: Los Angeles Times:

This Gold Rush-era port city, an epicenter of California’s agricultural exports, will become the nation’s largest city to seek protection under the U.S. bankruptcy code after its City Council on Tuesday stopped bond payments, slashed employee health and retirement benefits and adopted a day-to-day survival budget.

City Manager Bob Deis likened the process to cutting off an arm to save the body. He is expected to file bankruptcy papers immediately.

One Response to “Stockton to File for Bankruptcy, Will be Largest U.S. City to Fail”

  1. Difranco Says:

    June 27th, 2012 at 4:04 pm

    Not the first town…

    Pritchard Alabama

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