Stockton Nears Mediation, Weighs Bankruptcy

Washington Post
June 24, 2012

Stockton, the California city with the nation’s second-highest foreclosure rate, is facing a moment of decision on whether to become the biggest city to file for bankruptcy, as a deadline for talks between the city and its creditors approached late Monday. City officials are still hoping to reach a deal that would restructure millions of dollars of debt under a new state mediation law designed to help municipalities avoid bankruptcy, City Manager Bob Deis said.

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