Stockton, Calif. Official: Mediation With Creditors Fails

Stockton, Calif. Officials said that mediation with creditors has failed, meaning the city is set to become the largest American city to ever declare bankruptcy. City Manager Bob Deis said Tuesday that officials were unable to reach a deal to restructure hundreds of millions of dollars of debt under a new state law designed to help municipalities avoid bankruptcy, according to The Associated Press. "We think Chapter 9 protection is the only choice left. If we get any agreements, those will be...Full Story
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