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Stockton official: Mediation with creditors fails

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Posted: Wednesday, June 27, 2012 6:17 am

In opting to become the nation's largest city to seek federal bankruptcy protection, the city of Stockton took a rare financial step of last resort after struggling with the economic downturn, soaring pension costs and contractual obligations.

Thirteen cities, counties and other government entities filed for bankruptcy protection last year — the highest annual level in nearly two decades. Stockton was the seventh U.S. municipality to file this year and the first California city since Vallejo, which sought protection in 2008, according to James Spiotto, a Chicago bankruptcy attorney who tracks municipal bankruptcies.

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