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November 10, 2011

Ala. county sets record with $4.1B bankruptcy

  • The debt results from a mix of outdated sewer pipes, the lagging economy, court rulings and public corruption.

    • BIRMINGHAM, Ala. (AP) — Leaders of Alabama's most populous county on Wednesday voted to declare an estimated $4.1 billion bankruptcy, the largest for a municipality in U.S. history.

    Two months after it seemed Jefferson County had struck a deal to settle the debt, the commissioners took the action. It came after spending about six hours over two days meeting with its lawyers to discuss legal options. Those options included a Chapter 9 bankruptcy filing and a settlement with creditors on the county's $3.14 billion sewer debt.


     
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