(Updated – 4/3/13) In June, Stockton California became the largest U.S. city to file for municipal bankruptcy protection. (See Stockton: From Fiscal Distress to Municipal Bankruptcy. ) On April 1, U.S. Bankruptcy Judge Christopher Klein ruled that Stockton can remain under Chapter 9 protection despite objections from creditors, who questioned whether Stockton met the criteria for bankruptcy.
Following is a collection of resources we’ve compiled pertaining to the recent developments in Stockton’s bankruptcy proceedings.
Official Documents:
- Official news release announcing City’s eligibility for bankruptcy protection: “United States Bankruptcy Court Christopher Klein Finds Stockton Eligible to be a Chapter 9 Debtor” (dated April 1, 2013)
- Voluntary Petition filed by the City of Stockton with the United States Bankruptcy Court for the Eastern District of California (dated June 28, 2012)
Straight from the Source:
- Stockton, California’s website
- City of Stockton – Chapter 9 (section on website), including links to Bankruptcy Court filings (by date)
- City of Stockton Financial Reports, including Comprehensive Annual Financial Reports dating back to 2001
A Sampling of Local and National Media Coverage:
- (4/2/13) Reuters – Analysis: Stockton and San Bernardino, a Tale of Two Bankruptcies
- (4/2/13) The Record – Chat Archive: Stockton’s Bankruptcy and the Path Ahead (and related articles)
- (4/1/13) San Francisco Gate – Stockton’s Bankruptcy Approved
- (4/1/13) Los Angeles Times – Stockton Bankruptcy Can Move Forward, Judge Rules
- (4/1/13) Bloomberg BusinessWeek – Judge Lets Stockton Stay in Bankruptcy and Creditors Tremble
- (4/1/13) Wall Street Journal – California City’s Bankruptcy Poses Risks to Pensions
- (4/1/13) NPR – Stockton Bankruptcy Case Defers Decision on Pensions
Other Resources & Articles Related to Fiscal Distress and Municipal Bankruptcy:
- U.S. Courts – Bankruptcy Basics: Chapter 9 Municipal Bankruptcy Protection
- MuniNet Guide Expert Interview with James Spiotto, Chapman & Cutler: Municipal Bankruptcy Remains “Last Resort” Despite Troubled Economy
- MuniNet Guide Expert Interview with Tim Maniccia : The Fork in the Road: How a Local Government’s Approach to Fiscal Distress Can Determine Its Financial Future