International

Mammoth Lakes, Calif., on Tuesday filed for Chapter 9, or municipal bankruptcy, less than a week after nearby Stockton, Calif., sought the same protection. Read the Daily Bankruptcy Review article here.

The city of Stockton, Calif., filed for Chapter 9 protection, The Wall Street Journal reports.

MF Global is proving to be catnip for distressed-debt buyers, according to a new report showing that more than $246 million of the failed brokerage’s debt changed hands last month. Read the Daily Bankruptcy Review article here.

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The holding company behind the failed First Regional Bank in Los Angeles, whose $2.18 billion in assets were seized by federal banking regulators nearly 18 months ago, has filed for bankruptcy protection with just a fraction of that amount—$1.3 million—left in its coffers. Read the Daily Bankruptcy Review article here.

Residential Capital LLC says Warren Buffett’s Berkshire Hathaway Inc. made an offer to buy all of ResCap’s equity for $1 before the mortgage servicer was put into bankruptcy last month. Read the Daily Bankruptcy Review article here.