Stockton officials continued to grapple with the city's financial plight, struggling to restructure millions of dollars of debt threatening to turn the city with the nation's second-highest foreclosure rate into the largest U.S. city to file for bankruptcy.
Council members met Monday night to discuss the 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.
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