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 (104 km) 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.
The filing, made in the United States Bankruptcy Court,
Central California District, states that the city has "more than $1
billion" in liabilities, and estimated that it has between 10,001 and
25,000 creditors. It also states that
San Bernardino has estimated assets of more than $1 billion….
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