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On Monday, California resort town Mammoth Lakes announced that it will file for bankruptcy after being unable to pay $43 million to a developer. The city council voted to submit to bankruptcy after Mammoth Lakes Land Acquisition won a court order requiring the city to make payment in a contract dispute. The developer had sued the town for allegedly reneging on a deal that would allow the company to build homes and commercial properties near the Mammoth Yosemite Airport. The judgment was almost three times the size of the town's operating budget in a year where poor snowfall struck a blow to the local economy. “Bankruptcy, unfortunately, is the only option that the town is left with,” the city council said in a statement.
Read more at the Los Angeles Times
