Stockton, Calif., files for bankruptcy protection, the largest US city to do so

A judge has approved a debt plan by Stockton, California, one of the largest U.S. cities to declare bankruptcy, allowing it to reorganize more than $900 million in long-term debt.

U.S. Bankruptcy Judge Christopher Klein said Thursday that Stockton can use the plan to exit the court's Chapter 9 protection, which it sought in 2012.

The city negotiated deals with all major creditors except Franklin Templeton Investments .... http://abcnews.go.com