REUTERS: ..The city of about 210,000 residents 65 miles (104 km) east of Los Angeles declared a fiscal crisis last month after a report said local government had tapped out its reserves and projected spending would top revenue by $45 million in the fiscal year that began on July 1.
The filing, made in the United States Bankruptcy Court, Central California District, states that the city has “more than $1 billion” in liabilities, and estimated that it has between 10,001 and 25,000 creditors…
In the past two months, the cities of Stockton and Mammoth Lakes have also filed for Chapter 9 bankruptcy protection, a special bankruptcy provision for municipalities… (more)
