Advertisement
 

Stockton eligible for bankruptcy protection, federal judge rules

April 01, 2013|By Diana Marcum
  • A federal judge has ruled that Stockton is eligible for bankruptcy protection.
A federal judge has ruled that Stockton is eligible for bankruptcy protection. (Luis Sinco / Los Angeles…)

A federal judge ruled Monday that Stockton is eligible for bankruptcy protection, despite the objection of creditors who argued the city could come up with more money. 

Stockton is the biggest U.S. city to file for bankruptcy.  

When it filed last June, Mayor Ann Johnston said there were no  alternatives.

"We are extremely disappointed that we have been unable to avoid bankruptcy," Johnston said in a statement at the time.

"This is what we must do to get our fiscal house in order and protect the safety and welfare of our citizens. We will emerge from bankruptcy with a solid financial future.”

Stockton was one of three cities that filed for bankruptcy in California last year.

San Bernardino filed in August. San Bernardino declared more than $1 billion in liabilities and $1 billion in assets in the first of what will be many court filings. Mammoth Lakes also filed.

ALSO:

2 killed in fiery 118 Freeway crash; westbound lanes closed

Motorcycle-riding Easter Bunny encounters CHP on the freeway

Google doodle: Debate over Easter tribute to Cesar Chavez continues

twitter.com/dianamarcum

Advertisement
Los Angeles Times Articles
|
|
|