17 January 2014

Is Bankruptcy Contagious?

I have posted a number of times about the bankruptcy of the city of Stockton, California. (Check here and here.) Now comes news that the Roman Catholic diocese of Central California, which is is based in Stockton, has filed under Chapter 11. You can read about the diocese's filing here.

Stockton has filed a Plan of Adjustment and a hearing on its confirmation should take place in the early spring after voting has taken place. I'm betting that its plan will be confirmed. One can only hope that the diocese of Central California gets out of bankruptcy more quickly than the archdiocese of Milwaukee, my former home town.

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