|By The Record, Stockton, Calif.|
|McClatchy-Tribune Information Services|
"Many other cities across the country are experiencing similar financial challenges, but they ... have responsibly chosen to make the difficult decisions rather than choosing bankruptcy," Assured said.
Assured was among creditors that met with
Bankruptcy caps three years of chronic debt. City leaders blamed poor management dating to the 1990s and the more recent economic recession.
(c)2012 The Record (Stockton, Calif.)
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