Friday, February 24, 2012

Stockton, California may stop bond payments

STOCKTON, Calif., Feb 24 (Reuters) - The city of Stockton, California, whose finances were hammered by the housing crisis, is considering halting payments on at least a portion of $341 million in debt as it seeks to avoid becoming the biggest U.S. city to declare bankruptcy. Stockton City Manager Bob Deis said on Friday that he recommended to the city council that bond payments be suspended as part of a broad restructuring of the city's finances. The city has a debt payment due March 1.

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