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June 29, 2012 3:51 PM GMT
Stockton, California, officially has filed for Chapter 9 protection after talks with bondholders and labor unions failed, making it the largest-ever U.S. city to file for bankruptcy.
The city of 300,000 listed assets of more than $1 billion and debt of $500 million to $1 billion in court filings Thursday in U.S. Bankruptcy Court in Sacramento, California.
"We are extremely disappointed that we have been unable to avoid bankruptcy," Mayor Ann Johnston said in a statement. "This is what we must do to get our fiscal house in order and protect the safety and welfare of our citizens. We will emerge from bankruptcy with a solid financial future."
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