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Stockton, Calif., Files Bankruptcy Petition
Reuters Link to more items from this source
June 28, 2012

"Stockton, California, became the largest city to file for bankruptcy in U.S. history on Thursday, after years of fiscal mismanagement and a housing market crash left it unable to pay its workers, pensioners and bondholders.... Stockton, which officially declared insolvency and its desire to restructure its debt, also filed a separate list of its major unsecured creditors. The California Public Employees' Retirement System, which manages Stockton's pension plan, tops the list. The retirement system has a $147.5 million claim for unfunded pension costs."

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