The people of Stockton will feel financial fallout for years after a federal judge ruled Monday to let the city become the most populous in the nation to enter bankruptcy.
A bond insurer said lenders are losing millions in Stockton’s bankruptcy while the city continues to fund pricey pensions.
Stockton has filed for Chapter 9 protection, making it the largest American city ever to declare bankruptcy.
When Stockton becomes the largest U.S. city ever to file for bankruptcy, it will strike a hard blow to residents, especially city employees and retirees whose health benefits and pensions helped drive the city toward insolvency.
Officials in Stockton said Tuesday that mediation with the city’s creditors has failed, meaning it is set to become the largest American city ever to declare bankruptcy.
The Washington Times reports that bankrupt Fremont-based solar panel maker Solyndra hopes to give its executives thousands of dollars in bonuses.
The parent company of American Airlines and affiliate American Eagle Airlines has become the latest in legacy airlines to file for Chapter 11 bankruptcy.
FBI agents were executing search warrants at the headquarters of Fremont solar firm Solyndra that received a $535 million loan from the federal government.
A leading Bay Area manufacturer of solar power systems has abruptly shut down operations as it seeks to file for bankruptcy.
Plenty of people simply “assume” fireworks will also be a part of July 4th celebrations, but in Vallejo that’s hardly the case.