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The case was filed in the Northern District of Alabama Bankruptcy Court as case number 11-05736. As of May 2012, Jefferson County had slashed expenses and reduced employment of county government workers by more than 700. [18]
On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection. Jefferson County, Alabama, in 2011, and Orange County, California, in 1994, are also notable examples.
Jefferson County banks made approximately $120 million by encouraging the county to refinance nearly all of its bonds using swaps. The bonds resulted in a $3.2 billion sewer debt, contributing to the Jefferson County commissioners voting to declare bankruptcy on November 10, 2011, in what at the time was the largest municipal bankruptcy in U.S ...
Officials have postponed a bankruptcy decision for Jefferson County, Alabama for the second time in two weeks. On Thursday, county commissioners again met with creditors in Birmingham, but did not ...
Alabama's massive sewer debt crisis is coming to a close. Commissioners of Jefferson County voted 4-1 on Friday to accept a term sheet with creditors, allowing it restructure and partially write ...
With a Thursday afternoon deadline fast approaching, investors and officials in Alabama are working to review new proposals to avert the biggest municipal bankruptcy in American history. Jefferson ...
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