Stockton California Mediation Fails – Largest City in History to Declare Bankruptcy

What is Chapter 9 bankruptcy?

Bob Deis, Stockton city manager, said the move is a legal method to prevent financial and legal chaos. The city is facing a budget shortfall of nearly $26 million and must, by state law, adopt a balanced budget by July 1. Deis said health care costs for retirees are a massive, unfunded liability for the city.

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