Stockton, Calif., first bankruptcy hearing

July 6, 2012 5:57:45 PM PDT
Attorneys for the city of Stockton appeared in federal bankruptcy court Friday morning.

This was the first court hearing for the city since they filed for Chapter 9 last week. Stockton officials want the judge to approve a 20-13 budget that allows the city to default on bond payments, cut employee wages and stop paying for retiree health insurance. At least one creditor says it will fight the bankruptcy.

Load Comments