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.

Username:
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 - wjhg.com/a?a=126108658
Gray Television, Inc.