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Stockton faces end of mediation, weighs bankruptcy

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Posted: Tuesday, June 26, 2012 12:00 am

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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