Stockton, Calif., first bankruptcy hearing

STOCKTON, Calif. (KGO) -- Attorneys for the city of Stockton appeared in federal bankruptcy court Friday morning.

This was the first court hearing for the city since they filed for Chapter 9 last week. Stockton officials want the judge to approve a 20-13 budget that allows the city to default on bond payments, cut employee wages and stop paying for retiree health insurance. At least one creditor says it will fight the bankruptcy.

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bankruptcy, california budget crisis, stockton, economy, california news

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