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Calif. Schools on Brink of Bankruptcy

More than a dozen California school districts face imminent bankruptcy and dozens more are at risk of going under, according to a Los Angeles Times report on Wednesday.

The state has 1,077 school districts, 14 of which are classified as "unable to meet future financial obligations," according to the state Department of Education. The L.A. Times quotes state Supt. of Public Instruction Jack O'Connell:

"Schools on this list are now forced to make terrible decisions to cut programs and services that students need or face bankruptcy."

An additional 160 districts have gotten a lukewarm "qualified" rating, meaning they probably aren't in immediate danger, but could be heading for it.

Thousands of teachers are likely to be cut. In March, 26,000 of the state's approximately 300,000 teachers were notified that they might be laid off, but about 9,000 have since had those notices rescinded.