One of the nation’s top credit rating agencies will begin a wide-ranging review of municipal finances in California because of what it sees is a growing threat of increased city bankruptcies and bond defaults.
Bankrupt solar company Solyndra has agreed to pay $3.5 million to settle accusations that it failed to properly notify employees they would losing their jobs.
A bond insurer said lenders are losing millions in Stockton’s bankruptcy while the city continues to fund pricey pensions.
The Vallejo Fire Department celebrated the reopening of Station 25 in north Vallejo with an open house Monday morning.
An East Bay solar panel manufacturer that received a half-billion dollar loan from the federal government before filing for bankruptcy protection is asking for more time to file a reorganization plan.
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 West Contra Costa Unified School District paid the state of California $47 million, $18 million of which was interest.
Four districts are facing major financial troubles, among the almost 200 listed in a new state report.