Stockton going Bankrupt?

Stockton expected to take first step toward bankruptcy Tuesday
By The Record

February 22, 2012 8:20 PM

STOCKTON — The City Council on Tuesday is expected to take its first step toward filing for bankruptcy in a dramatic move to untangle itself from crippling finances. If bankruptcy ultimately happens, Stockton would be the nation’s largest city ever to ever fall into Chapter 9 protection.

While city administrators remained silent on any plans, it became an open secret earlier today. The Downtown Stockton Alliance board of directors in a public meeting discussed the city’s bankruptcy timetable.

Also today, the San Joaquin and Calaveras Counties Central Labor Council distributed an e-mail, alerting its members that Stockton plans to begin the process at next week’s council meeting.

Read Thursday’s Record for more on this story from staff writer Scott Smith.

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