Wednesday, June 27, 2012

Mayor: Stockton appears headed for bankruptcy - The Finance Room

on June 27, 2012 12:54 am in Business News / no comments

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FILE - In this Feb. 29, 2012 file photo, a Stockton city worker walks out of city hall in Stockton, Calif. The Stockton City Council is scheduled to decide Tuesday night, June 26, 2012, whether to adopt a special budget to close the city's projected $26 million deficit in case bankruptcy protection is sought. Stockton, the city with the second-highest foreclosure rate in the nation, could become the largest city in the U.S. to declare bankruptcy. (AP Photo/Ben Margot, File)Stockton could become the largest U.S. city to declare bankruptcy after a deadline to make a deal with its creditors passed and the city's mayor said Tuesday she did not believe a settlement had been reached.

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