Accident fines after 11 months

What is the name of your state (only U.S. law)? California
I use to work for a valet parking and was 17 at the time. I was getting paid cash because I was not old enough to work there. Well one night i crashed real bad. A friend ran and asked me if i was alright and helped me get out of the car. My boss came with the owner of the car. I was asked for my license and was told that it was alright and that they were going to take care of the repair. I was shaking because it was my first accident and I was scared. The police came and did not pick up a report. Well 11 months later I get a letter saying I owe $16,000. It says they have closed the negotiation and are going to contact the DMV to suspend my license and it also says that they are planning to sue me. I am a student and I do not have money at all. I am scared and would like to know what to do now?

Get a job and make payment arrangements or your license will be suspended.

If you had insurance at the time then they should of course cover this for you, but I'm guessing you did not or they would have been involved before now.

That's a lot of money, I think you need to spend a few hundred on a lawyer. You need to find out what the responsibility of the Valet Company is. You make clear that they hired you while knowing that you were too young to work there. You don't explain why the Valet company's insurance isn't paying for this.
Understand that someone must pay the customer. I can see arguments for both you and the Valet company. So, why are they dumping all of the fault on you? Can you shift most of the responsibility to the company? Talk to a lawyer.

Good luck

Since he wasn't working for the valet company legally and did not meet the age requirement it's likely their insurance won't cover him. Doesn't make him any less liable if he caused the accident.