Jefferson County, Alabama, may decide this week on filing a record U.S. municipal bankruptcy, according to a meeting notice from the county commission, according to Bloomberg.
The five-member commission meeting on July 28 may also vote on extending a negotiating period with creditors on restructuring more than $3 billion of sewer bonds or a settlement, the notice said.
The meeting will come one day before the end of a 30-day “standstill period” in which the county and creditors led by JPMorgan Chase & Co. agreed to pursue a settlement to end the more than three-year-old debt crisis.
The county, home to Birmingham and a population of more than 658,000, has struggled for more than three years in fiscal distress after a sewer-bond refinancing collapsed during the credit crisis. Its woes intensified when the state legislature refused to act after a court struck down an occupational tax in March. The tax generated about a quarter of the county’s general fund revenue and officials have put more than 500 employees on unpaid leave…
Find out the rest at http://www.bloomberg.com/news/2011-07-24/jefferson-county-in-alabama-may-vote-to-file-largest-bankruptcy-july-28.html
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