Reuters: Bankruptcy News: Mammoth Lakes, Calif. council OKs bankruptcy

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Mammoth Lakes, Calif. council OKs bankruptcy Jul 2nd 2012, 22:52 SAN FRANCISCO, July 2 | Mon Jul 2, 2012 6:52pm EDT SAN FRANCISCO, July 2 (Reuters) - The leaders of Mammoth Lakes, California voted on Monday to approve a bankruptcy filing for the resort town, a move coming just days after Stockton, California became the most populous U.S. city to seek protection from its creditors in bankruptcy court. The vote by the Mammoth Lakes town council was unanimous, according to a statement on the town's website. It added that bankruptcy was the only option the town of about 8,000 residents has available after its largest creditor, Mammoth Lakes Land Acquisition, refused to negotiate concessions on its $43 million judgment against the town stemming from a property development dispute.

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