Stockton, Calif. to take up bankruptcy budget plan - News and Current Events | futures io social day trading
futures io futures trading


Stockton, Calif. to take up bankruptcy budget plan
Updated: Views / Replies:311 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Stockton, Calif. to take up bankruptcy budget plan

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Stockton, Calif. to take up bankruptcy budget plan

(Reuters) - Stockton, California was poised on Tuesday to take a major step toward becoming the largest U.S. city ever to file for bankruptcy after talks with its creditors on Monday at midnight.

Negotiations aimed at averting bankruptcy may press on informally, the city's spokeswoman said, adding that city officials would next discuss any moves toward bankruptcy at the city council meeting on Tuesday evening.

The council's main order of business will be taking up and voting on a proposed budget to guide Stockton during bankruptcy, an option city officials have been considering since February.

City Manager Bob Deis, who the council has authorized to file for Chapter 9 bankruptcy, last week unveiled the budget proposal, also known as a pendency plan.

The plan assumed Stockton, a city of 292,000 people about 85 miles (about 135 km) east of San Francisco, would fail to win concessions from its 18 creditors to close its $26 million shortfall for the fiscal year beginning on July 1.

To help close the budget gap, Stockton's plan would suspend $10.2 million in debt payments, a move likely to trigger rating agencies to further downgrade the city, and reduce spending on employee compensation and retiree benefits by $11.2 million.

About $7 million in savings would come from cutting retiree health care benefits for one year and then phasing them out. Stockton officials have said the benefits are a crushing expense due to their fast rise and projected liability of $417 million.

Stockton's confidential mediation with its creditors - required by a state law approved after the bankruptcy of Vallejo, California in 2008 - was part of an effort launched in February by city officials to restructure the city's finances in time for the beginning of its next fiscal year.

The plan, however, left open the possibility of a bankruptcy filing in light of Stockton's severe financial troubles.

Mark McLaughlin, a member of the board of the city police officers' union, said he is resigned to a bankruptcy filing but expects his group will try to seek common ground with city before it should take that drastic step.

"It's unfortunate we're here but we need to keep working with the city," McLaughlin said.

Stockton's finances collapsed along with its housing market, forcing city officials to slash $90 million in spending in recent years and a quarter of positions across agencies.

Despite the cuts, Stockton has not been able to avoid recurring deficits. Its revenue is weak and its financial troubles have been compounded, according to city officials, by generous pay and benefits for city workers and retirees and too much debt taken on by the city when it enjoyed a home-building boom in the early part of the last decade that transformed it into a distant bedroom community for the San Francisco Bay area.

Many of the houses built and bought in that boom have been abandoned, repossessed and sold at deep discount as Stockton has been at the top or near the top of lists of housing markets suffering a glut of foreclosures in recent years.

Under its restructuring plan, Stockton has already defaulted on about $2 million in debt, allowing the trustee for one of its bond insurers to seize a building once slated to be its future city hall and three parking garages.

The intentional default and of bankruptcy prompted Moody's Investors Service and Standard & Poor's Ratings Services to drop their credit ratings on Stockton, which has more than $700 million in debt across its various agencies.

Moody's has its issuer rating for Stockton at a junk level Ba2 from Baa1 while S&P has its issuer rating on the city from BB to SD, one notch above its D default rating.

A bankruptcy filing by Stockton is a "high-probability event," Gregory Lipitz, a vice president and senior analyst at Moody's, said on Monday. (Reporting By Jim Christie)


Stockton, Calif. to take up bankruptcy budget plan | Reuters

Reply With Quote

Reply



futures io > > > > Stockton, Calif. to take up bankruptcy budget plan

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
City Of Stockton On The Brink GridKing News and Current Events 0 March 11th, 2012 12:56 PM
Calif.ís Outlook Is Revised to Positive by S&P GridKing News and Current Events 0 February 14th, 2012 07:03 PM
.....Lehman says voting creditors back bankruptcy plan kbit News and Current Events 0 November 29th, 2011 08:49 PM
Congress Passes Budget-Cutting Plan, Sends to Obama Quick Summary News and Current Events 10 April 16th, 2011 04:10 PM
Republican Budget Plan to Eliminate National Debt: Ryan Quick Summary News and Current Events 0 April 5th, 2011 09:00 AM


All times are GMT -4. The time now is 12:46 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.07 seconds with 19 queries on phoenix via your IP 54.82.79.109