California city of 300,000 to file for bankruptcy

By REUTERS
June 28, 2012 02:22

 
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STOCKTON, Calif. - Stockton, California, is expected to file for bankruptcy before the end of the week, becoming the largest US city to seek protection from its creditors.

Officials said that the city of nearly 300,000 could file for Chapter 9 bankruptcy by Friday afternoon, after the city council approved on Tuesday a budget that includes savings from the bankruptcy.

The $26 million budget gap that was expected for fiscal 2013 is filled half by savings from missed payments on the debt service and half by lower payments to employees, Standard & Poor's analyst Chris Morgan told Reuters.

The decision to file for bankruptcy triggered on Wednesday ratings cuts into default by Moody's Investors Service and Standard & Poor's Ratings Services.

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