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Stockton Faces End of Mediation, Weighs Bankruptcy

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(Sacramento, CA)
Tuesday, June 26, 2012


(AP) City Council members met Monday night to discuss Stockton's financial plight. The city had until 11:59 p.m. to reach a deal with its creditors under a new state mediation law designed to help municipalities avoid bankruptcy.

Stockton spokeswoman Connie Cochran said those negotiations were confidential and that nothing would be announced at the deadline.

Previous negotiating sessions with the 18 creditors have stretched past midnight and remained confidential.

To avoid bankruptcy, any deal would have to result in sufficient savings to make the city solvent.

Stockton could become the largest city in the U.S. to declare bankruptcy.

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