Stockton, California Is About To Declare Bankruptcy
Grace Wyler
BusinessInsider.com
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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