Stockton City Can Emerge From Bankruptcy As Detroit Waits Its Turn
2 years of financial limbo in the Northern California city of Stockton has finally ended.
The city’s plan was approved by the judge to reorganize more than $900 million of debt that shows that Stockton can emerge from bankruptcy.
Before the period of economic decline, a large amount of money was spent on sports venues, public buildings and employee benefits by Stockton.
It is the 2nd largest city in the country to file for bankruptcy protection after Detroit.
A law professor at Stanford University, Michelle Wilde Anderson, has been following the legal proceedings in both cities.
He also discussed with Here & Now’s Robin Young regarding the terms of the cities’ reorganization plans, and whether retirees and creditors will get the money they were promised.
News Source: HereAndNow.wbur.org