Atwater Filing For Bankruptcy?
ATWATER, Calif. (KMPH) —
A North Valley city could get one step closer to filing for bankruptcy Wednesday.
According to reports, Atwater's mayor expects the city to declare a fiscal emergency.
In its most recent financial statement, Atwater was roughly $95 million in debt.
Under state law, a local government must either declare a fiscal emergency or go through a 60-to-90 day negotiation process with its creditors before it can file for bankruptcy.
The city is trying to avoid becoming the fourth California city to file for bankruptcy this year, behind Stockton, San Bernardino and Mammoth Lakes.
The Wall Street Journal (via Fox News) contributed to this report.
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