Tags: Alabama County Bankruptcy

Ala. County Votes for Largest Municipal Bankruptcy

Wednesday, 09 Nov 2011 05:51 PM

 

BIRMINGHAM, Ala. (AP) — Leaders of Alabama's most populous county have voted to file an estimated $4.1 billion bankruptcy, the largest municipal bankruptcy in U.S. history.

The Birmingham news (http://bit.ly/rsevQ5) reports the Jefferson County Commission's action 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.

Commissioner Jimmie Stephens made the motion to file bankruptcy, saying it's time to resolve the issue.

The county has been trying for several years to find a way to resolve its sewer debt crisis and fix its fiscal 2012 county general fund budget, which commissioners have said needs another $40 million.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

George Zimmerman Assault Case Dropped After Ex-Girlfriend Recants

Friday, 30 Jan 2015 10:30 AM

Authorities say they are dropping their aggravated assault case against George Zimmerman after his ex-girlfriend stopped . . .

NASA Delays Soil Study Satellite Launch for 'Repairs'

Friday, 30 Jan 2015 09:20 AM

NASA has pushed back the launch of a satellite to study soil moisture to Saturday, so that it can perform minor repairs . . .

Economic Growth Slows as Business Investment Weakens

Friday, 30 Jan 2015 08:34 AM

U.S. economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved