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June 29, 2012

Stockton Becomes Largest U.S. City to File for Chapter 9 
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The city of Stockton, California, has become the largest city in the
United States to file for bankruptcy. On Thursday, Stockton officials
filed for Chapter 9 protection after the collapse of talks with
creditors at the end of a three-month deadline. The city has a long-term
debt of $700 million and has already laid off many workers, including a
quarter of its police force. Stockton has seen a major drop in revenue
since the collapse of its housing market during the financial crisis.

 

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