SAN FRANCISCO – The Stockton, Calif. City Council voted Tuesday night to file for bankruptcy as part of a plan to try to keep the city solvent after city officials said negotiations with creditors failed.

Following the council’s 6 to 1 vote to adopt a “pendency” plan, Stockton’s bankruptcy attorneys are expected to file for bankruptcy before the end of the fiscal year on Sunday.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.