Bankruptcy
Oct. 6, 2012
Atwater could be California's next Chapter 9 case
The city of Atwater could soon become the fourth California municipality to declare bankruptcy in less than a year. Experts say it's a sign that cities are struggling but caution it's not the wave of bankruptcies that some have predicted.
Daily Journal Staff Writer
The Central Valley city of Atwater could soon become the fourth California municipality to declare bankruptcy in less than a year.
Citing "a severe and chronic fiscal crisis that jeopardizes the delivery of essential public services," the City Council on Wednesday declared a fiscal emergency and made clear that all options - including an eventual Chapter 9 filing - are on the table.
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