Stockton News

Stockton Bankruptcy Exit Trial Starts Today

The bankrupt city of Stockton, California, will face off against a holdout creditor this week in a closely watched municipal bankruptcy case pitting the rights of impaired bondholders against retirees and other creditors. At issue is whether the northern California …

California City and Assured Guaranty Reach Bankruptcy Exit Deal

Stockton, Calif. and Assured Guaranty have reached an agreement to restructure more than $150 million of outstanding debt to help the city exit from bankruptcy, a top city official and the bond insurer said. Under the terms of the agreement, …

Possible Resurgence in California’s Inland Empire Interests Agents

Known as “the 909,” or “the IE” by Southern Californians, terms sometimes intended as a slight, the sprawling desert area east of Los Angeles was a boomtown for commercial and residential development before the recession hit. But when the economy …

XL Group’s Marine Insurance Team Expands in Chicago

The Marine insurance operation of XL Group plc has expanded its regional underwriting capabilities in Chicago, adding Pete Shepeck, Brian Stockton and Jeannine Liebig to its team. Shepeck joins XL as regional vice president, North America Marine. Most recently with …

Stockton, California’s Insured Debt Proves Alluring

About half of the $700 million of debt issued by bankrupt Stockton, California, is insured and a few traders have carried on some speculative purchases of its bonds, investors said on Thursday. Stockton, a city of nearly 300,000 people located …

Meteorologist: Tornado Near Stockton, Calif. Not Unusual

The National Weather Service says the tornado that struck five miles outside of Stockton, Calif. on Wednesday was not unusual for this time of year. The twister on farmland near Interstate 5 left a path of damage about a mile …

Municipal Defaults – Already 21 in 2012 – Another Blow for Bond Insurers

A growing number of U.S. cities are choosing to fund essential services like public safety and garbage collection over making payments on their outstanding debt, as rising costs and falling revenue deplete their budgets. So far, the bond defaults are …