The city of Stockton collectively should send the city of Detroit a thank you card for filing for bankruptcy.
Once Detroit did that, it claimed the moniker of largest U.S. municipality to file bankruptcy, ripping the not-so-appealing title from Stockton.
There is no interest in being No. 2. Anyone else remember that Avis rental car company ad campaign?
While the nation focuses on Detroit, locally Stockton can go about its business without the national fanfare.
But other cities struggle to avoid the scarlet “B.”
Harrisburg, the capital of Pennsylvania is one of them. There city officials are working out a deal with its creditors to avoid filing for bankruptcy.
One can only guess if what happened in Stockton, Mammoth Lakes, San Bernardino and Detroit has helped Harrisburg on some level.
Stockton was unable to work out deals with creditors before it went into bankruptcy. Harrisburg’s creditors are negotiating with city officials; the result would be a reduction in Harrisburg’s debt. Perhaps creditors realize the alternative of not negotiating now and dealing with a city in bankruptcy would be worse.
You can read more about it in this story at philly.com.