Stockton, California Is About To Declare Bankruptcy

Wednesday, June 27, 2012
By Paul Martin

Grace Wyler
Jun. 26, 2012

The city of Stockton, Calif., is poised to become the largest U.S. city to declare municipal bankruptcy, after a deadline to make a deal with creditors passed Monday night.

The city council is expected to announce tonight whether or not an agreement was reached.
Stockton Mayor Ann Johnston told Stockton’s KCRA television station that a bankruptcy filing is “very likely.”

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