Stockton, Calif., Mulling Ch. 9 Filing: City Manager

Law360, New York (February 24, 2012, 7:12 PM EST) -- The California farming city of Stockton is mulling a possible municipal bankruptcy filing, the city council said in a document released Friday.

In an update included in an agenda for a city council meeting set to take place Tuesday, City Manager Bob Deis cited the city's “dire fiscal situation” and a best-case/worst-case scenario of $20 million to $38 million projected deficit for fiscal year 2012-13, as he recommended conducting a so-called State AB506 confidential neutral evaluation process.

The city is facing $435 million in unfunded retirement...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.