Stockton, California approved a plan late yesterday to skip some bond payments in an effort to...

|By:, SA News Editor

Stockton, California approved a plan late yesterday to skip some bond payments in an effort to avoid becoming the largest U.S. city to file for bankruptcy. Along with defaulting on ~$2M of debt payments, Stockton will seek to enter mediation with its major bondholders as it struggles to tackle a budget gap projected at $20M-38M.