Stockton bankruptcy

• STOCKTON, Calif. -- A California city that has the second-highest foreclosure rate in the nation is preparing for a possible bankruptcy filing if officials are unable to broker a deal with the citys creditors.
(Huffington Post)
• In the Central Valley, Stockton is one step closer to declaring bankruptcy.
(KQED)
• The Stockton City Council Race in District 6 has people talking. The race is between Dale Fritchen and Michael Tubbs. Fritchen was the lone council member who voted against giving authorization to the city manager to claim bankruptcy if mediation fails.
(KCRA.com)
• In a 6-1 vote, the Stockton City Council authorized City Manager Bob Deis to file a petition for protection under chapter 9 of the United States Bankruptcy Code.
(Fox40)
• STOCKTON – A Wall Street investment ratings firm downgraded more than $252 million worth of Stockton water bonds Wednesday to below investment grade, commonly called "junk bond" status.
(Record)
• The City of Stockton decided to proceed with the bankruptcy process in the end of February. Because of AB 506, a city that wants to file for bankruptcy has to enter into a 60-day mediation process with creditors in order to come up with a plan to avoid bankruptcy.
(KXTV News10Net)
• A California law in its first test at forestalling municipal bankruptcies is unlikely to prevent Stockton from becoming the largest U.S. city to seek protection from creditors, according to officials of two employee unions.
(Businessweek)
• According to WSJ, the city manager of Stockton, Calif., was authorized to declare Chapter 9 bankruptcy protection if the city can't reach an agreement with creditors. MF Global Holdings Ltd.
(Wall Street Journal)
• America's slow-motion debt default is picking up steam. Stockton, California, population 300,000, is threatening bankruptcy due to overly generous union benefits and incredibly poor management by city officials.
(theTrumpet.com)
• The city of Stockton is closer to bankruptcy than ever, with city officials saying a "contingency plan" will be considered next week to keep basic functions operating if the Central Valley city declares bankruptcy.
(Central Valley Business Times)