Thursday, November 10, 2011

Largest Municipal Bankruptcy Filing

In the case is In re Jefferson County, 11-05736-9, U.S. Bankruptcy Court, Northern District of Alabama,  Jefferson County, Alabama filed for Chapter 9 protection under the US Bankruptcy Code. This stemmed from the County not being able to refinance $3.1 Billion in sewer bonds.  This is the 12th filing of a Chapter 9 bankruptcy this year by municipalities.  Good luck to the county as the work through this troubling time.  As you may know, Jefferson County is where Birmingham, AL is located.