Bloomberg – Michael B. Marois And Alison Vekshin – San Bernardino, California, Weighs Chapter 9 Bankruptcy – 11 July 2012

San Bernardino may become the third California city in two weeks to file for municipal bankruptcy protection, as it struggles with declining tax revenue, growing employee costs and ill-timed public-works projects.

The City Council is to consider authorizing the city attorney to file a Chapter 9 petition at a meeting late today, said Gwendolyn Waters, a spokeswoman. A decision was possible tonight, though unlikely, she said.

“It is an option, but I don’t know if they are ready to make that decision yet,” Waters said in a telephone interview.

Read the whole story at: http://www.bloomberg.com link to original article

Comments are closed.