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Author Topic: Stockton to Take Steps Toward Bankruptcy - Bloomberg  (Read 848 times)

Offline beast

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Stockton to Take Steps Toward Bankruptcy - Bloomberg
« on: Feb 24, 2012    06:31:05 PM »

Stockton (3654MF), California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt and bookkeeping errors that misrepresented accounts, city officials said today.

The Stockton City Council will meet Feb. 28 to consider a type of mediation that allows creditors to participate, the first move toward a Chapter 9 bankruptcy filing under a new state law. The council will also weigh suspending some payments on long-term debt of about $702 million, according to a 2010 financial statement.



Offline dianaSawyer

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Re: Stockton to Take Steps Toward Bankruptcy - Bloomberg
« Reply #1 on: Apr 19, 2012    10:56:15 PM »
That is not the only record the town has broken of late. It also recently received what amounts to the largest parking ticket ever written. And therein is a learning situation for us all. I read this here: Stockton parking garage fiasco a lesson for all

Offline beast

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Re: Stockton to Take Steps Toward Bankruptcy - Bloomberg
« Reply #2 on: Apr 20, 2012    01:13:48 AM »
So, What happens?
Will bankruptcy get Stockton out of the parking garage debt?


STOCKTON - State Controller John Chiang, in a visit to Stockton on Wednesday, said his office will begin scouring the city's finances in little more than one month.

His small team of auditors first must finish its work in the East Bay city of Hercules. Then, in Stockton they will seek to bring greater transparency and look through the financial history for any "lessons learned."

As in any audit by his office, Chiang said the end goal is to help Stockton make sound financial decisions in the future. The city is in pre-bankruptcy mediation with its major creditors after years of overspending and poor accounting.

"We just want to provide the information to strengthen the financial picture," Chiang said in an interview. "Stockton is a great area. We just want them to succeed.

If it comes to pass, Stockton would become the nation's largest city to file for bankruptcy.