Tag Archives | Stockton

Bankruptcy court allows Stockton CA to cut retiree health benefits

In a closely-watched ruling with potentially far-reaching effects, a federal bankruptcy judge has ruled Stockton, CA may proceed with cutting health care benefits for retirees while it is in bankruptcy. This seemingly tiny crack in the dike protecting public pension benefits could easily turn into a major breach and perhaps even threaten the dike itself. […]

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Stockton California to be largest city to file bankruptcy

On Tuesday, Stockton California said talks with creditors had failed and prepared to file Chapter 9 bankruptcy. They will be the largest American city ever to do so and the results will be closely watched by other struggling municipalities, public employees, Wall Street, hedge funds, and bondholders alike. If Stockton is able to structure their […]

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Bank forecloses on Stockton CA city hall. Ouch

Stockton CA borrowed to build their new city hall, couldn’t make the payments, and the bank has seized it. The city decides today whether whether to make bankruptcy contingency plans if negotiations with creditors fail (which they almost certainly will.) A bankruptcy filing means the city will be able to break existing contracts and agreements […]

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