Thursday, March 7, 2013
San Bernardino, California, files for bankruptcy with over $1 billion in debts
(Reuters) - San Bernardino filed for bankruptcy protection on Wednesday citing more than $1 billion of debts and making it the third California city to seek protection from creditors.
The city of about 210,000 residents 65 miles east of Los Angeles declared a fiscal crisis last month after a report said local government had tapped out its reserves and projected spending would top revenue by $45 million in the fiscal year that began on July 1.Read more at:http://www.reuters.com/article/2012/08/02/us-usa-bankrupty-san-bernardino-idUSBRE87105220120802
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