The West Berkeley firm, in operation for 80 years, hopes to avoid layoffs as it reorganizes debt.
SACRAMENTO, Calif. (AP) — A judge accepted Stockton’s bankruptcy application on Monday, making it the most populous city in the nation to enter bankruptcy. U.S. Bankruptcy Judge Christopher Klein said the bankruptcy declaration was needed to allow the city to continue to provide basic services. “It’s apparent to me the city would not be able […]
SAN BERNARDINO, Calif. (AP) — As recently as last month, no city in California had opted for bankruptcy since 2008, and no U.S. city of more than 200,000 people had ever chosen bankruptcy. The past two weeks have changed all that, in a big way, as the fiscal struggles faced by so many American cities […]
Around the world, the dominoes of debt are teetering, and one of the biggest to hit the ground may be the City of Stockton. The city is hoping against hope that mediation with its bondholders, now underway, will result in a new deal by Monday. There’s scant room for maneuver after that date because the […]