News

Stockton City Council backs bankruptcy protection - Sacramento Bee

06/27/12

On Tuesday night, in preparation for the bankruptcy filing, the City Council voted 6-1 to enact a plan to slash retiree health coverage starting this year and possibly eliminate it next year. Stockton also will use bankruptcy protection to ...

[more]

Stockton set to become largest US city to declare bankruptcy as officials say mediation failed - Newser

06/27/12

They also cut wages and medical benefits. "The whole purpose of filing Chapter 9 is to avoid an uncontrolled chaotic situation," he said. "Bankruptcy provides the equivalent of a pause button. It retains services and provides structure so you don't have a ...

[more]

Stockton to file for bankruptcy, will be largest U.S. city to fail - Los Angeles Times

06/27/12

which recently emerged from a bankruptcy case filed in 2008. How Stockton found itself so mired in debt can be seen everywhere in the city's core. There is a sparkling marina, high-rise hotel and promenade financed by credit in the mid-2000s ...

[more]

Stockton, Calif., to become largest city to declare bankruptcy - CBS News

06/27/12

a Chicago bankruptcy lawyer who tracks such cases. He said Bridgeport, Conn., was the largest city to file for bankruptcy, which it did in 1991, followed by Vallejo, Calif., which filed in 2008. Jefferson County in Alabama is the largest local ...

[more]

Downsizing deals - RG Steel judge asked to allow environmental appeal - SteelGuru

06/27/12

Bankruptcy filings routinely bring a halt to all litigation involving the debtor, but environmentalists are asking the judge to lift the automatic stay so they can pursue an appeal they filed just a few weeks before RG Steel's bankruptcy filing.

[more]

Stockton set to become the largest US city to declare bankruptcy - FOX News

06/26/12

"The whole purpose of filing Chapter 9 is to avoid an uncontrolled chaotic situation," he said. "Bankruptcy provides the equivalent of a pause button. It retains services and provides structure so you don't have a bunch of lawsuits." City ...

[more]

What is municipal bankruptcy? - msnbc.com

06/26/12

The city of Stockton is on the verge of proceeding with a Chapter 9 bankruptcy filing, which is considered a rare and complex form of bankruptcy. Bob Deis, Stockton city manager, said the move is a legal method to prevent financial and legal chaos.

[more]

What is municipal bankruptcy? - msnbc.com

06/26/12

The city of Stockton is on the verge of proceeding with a Chapter 9 bankruptcy filing, which is considered a rare and complex form of bankruptcy. Bob Deis, Stockton city manager, said the move is a legal method to prevent financial and legal chaos.

[more]

Stockton meets to find out bankruptcy fate - Abc Local Web

06/26/12

However, all indications are mediation did not work and bankruptcy papers could be filed as early as ... spouses' health care for life after only one month of service in some cases. It's a hard lesson. "Just because money is rolling in, doesn't mean ...

[more]

Mayor: Stockton appears headed for bankruptcy - Erie Times-News

06/26/12

Mayor Ann Johnston told KCRA-TV (http://bit.ly/LpyGkr) that a formal bankruptcy filing appears "very likely." In the past three years, officials in the city that was slammed by the collapse of the housing market dealt with $90 million in ...

[more]