Baku – APA-Economics. Stockton in northern California will become the largest U.S. city to file for ankruptcy after its city council on Tuesday approved a budget based on the assumption that the municipality will seek protection from its creditors, Chicago Tribune reported.
The Chapter 9 bankruptcy filing for the city of nearly 300,000 in California’s Central Valley could come as early as Wednesday.
The council, which voted 6-1 in favor of the 2012-13 budget, had previously authorized Stockton’s city manager to file the bankruptcy.
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Finance
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