BIRMINGHAM, Ala. (AP) -- Leaders in Alabama's most populous county are expected to decide this week whether to file the largest municipal bankruptcy in U.S. history.
The Jefferson County Commission will hold a special meeting on Thursday in Birmingham to decide whether to continue trying to work out a deal with creditors or file bankruptcy over a sewer system debt of more than $3 billion.
The financial crisis has been hanging over the county since 2008, and Commission President David Carrington says it needs to be resolved.
The county has submitted a repayment plan to creditors including JPMorgan Chase to eliminate almost $1.3 billion of the debt, but it's yet to get a response.
The bankruptcy filing would be nearly twice as large as the record one filed by Orange County, Calif., in 1994.