Government
Mar. 2, 2012
Bankruptcy mediation eyed with skepticism
Stockton officials have voted to continue toward bankruptcy, agreeing to default on certain bond payments and begin a mandatory mediation process designed as a last-ditch effort to stave off insolvency. But observers are skeptical.
Daily Journal Staff Writer
Stockton officials have voted to continue on a path to bankruptcy, agreeing to default on certain bond payments and begin a mandatory mediation process designed as a last-ditch effort to stave off insolvency.
Under Assembly Bill 506, which took effect this year, municipalities must negotiate with creditors before a neutral evaluator prior to filing for Chapter 9 protection.
Stockton will be fir...
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