Reuters: Bankruptcy News: California's Stockton to file for bankruptcy

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California's Stockton to file for bankruptcy Jun 27th 2012, 05:48 STOCKTON, Calif., June 26 | Wed Jun 27, 2012 1:48am EDT STOCKTON, Calif., June 26 (Reuters) - Stockton in northern California will become the largest U.S. city to file for bankruptcy after its city council on Tuesday approved a budget based on the assumption that the municipality will seek protection from its creditors. The Chapter 9 bankruptcy filing for the city of nearly 300,000 in California's Central Valley could come as early as Wednesday. The council, which voted 6-1 in favor of the 2012-13 budget, had previously authorized Stockton's city manager to file the bankruptcy. Confidential talks between Stockton and its creditors aimed at averting bankruptcy concluded on Monday with the city failing to win enough concessions to help it close a deficit of $26 million for the fiscal year beginning on July 1, City Manager Bob Deis said. (Reporting by Jim Christie; Editing by Lisa Shumaker)

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