Alabama County Bankruptcy,Jeffco to decide on $3B bankruptcy Thursday

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.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:
8195 Front Beach Road Panama City Beach, FL 32407 Station: 850-234-7777 News: 850-230-5221 Fax: 850-233-6647
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 126108658 -
Gray Television, Inc.