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June 27, 2012

Stockton, California to Declare Bankruptcy 
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The city of Stockton, California, is set to become the largest city in
the United States to file for bankruptcy. On Tuesday, Stockton officials
said talks with creditors have broken down at the end of a three-month
deadline for a deal to be reached. The city has a long-term debt of $700
million and has already laid off many workers, including a quarter of
its police force. City attorneys could file for Chapter 9 protection as
early as today.

 

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