Wednesday, August 1, 2012

San Bernardino files for municipal bankruptcy

San Bernardino, California, Files Chapter 9 Bankruptcy Petition - Aug 1, 2012 9:13 PM PT
San Bernardino, California, after disclosing a $46 million shortfall in the city’s budget, filed for municipal bankruptcy. San Bernardino listed assets and debt of more than $1 billion in a filing yesterday with the U.S. Bankruptcy Court in Riverside, California. It’s the third California city to seek court protection from creditors since June 28.

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