Californian city of Stockton to file for bankruptcy

[Samen]

The Californian city of Stockton is set to become the largest US city to declare bankruptcy.
Mayor Ann Johnston told the city council which endorsed the move it was "the most difficult and heart-wrenching decision" they had ever faced.

http://www.bbc.co.uk/news/world-us-canada-18605326

Stockton to file for bankruptcy, will be largest U.S. city to fail
The Stockton City Council halts bond payments, slashes employee benefits and adopts an emergency budget as mediation ends. The Central Valley city becomes the largest in the U.S. to seek bankruptcy protection.

http://www.latimes.com/news/local/la...,2285815.story

[sandyd]

It's slow but more should follow. Be interesting to see how this sets what the courts do for others.

[Dietrich]

Pretty big city-- about 300,000 people