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.
Three months after CBS 5 caught Solyndra tossing millions of dollars worth of brand new parts, the bankrupt solar firm may be trying to abandon toxic waste.
The City of Vallejo is no longer in bankruptcy, and now a sales tax increase which goes into affect April 1st is expected to generate millions more dollars.
Stockton leaders have approved a series of emergency fiscal steps they hope will allow the city to avoid bankruptcy.
A Delaware bankruptcy judge has approved close to $370,000 in bonuses for certain employees of Solyndra LLC, a solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy.
After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.