Jefferson County, Alabama Prepares for Largest Municipal Bankruptcy in U.S. History

July 26th, 2011

Via: Forbes / AP:

Alabama’s largest county is laying the groundwork for filing what would be the largest municipal bankruptcy in U.S. history, over a more than $3 billion debt for its sewer system.

The Jefferson County Commission approved resolutions Tuesday to hire prominent bankruptcy lawyers and to sell bonds later in case money is needed to emerge from bankruptcy.

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One Response to “Jefferson County, Alabama Prepares for Largest Municipal Bankruptcy in U.S. History”

  1. Ferndave says:
    July 26, 2011 at 7:26 pm

    Here are two good background articles on what led to Jefferson County going bankrupt and JP Morgan’s involvement.

    http://www.rollingstone.com/politics/news/looting-main-street-20100331?print=true

    http://www.rollingstone.com/politics/blogs/taibblog/the-continual-screwing-of-jefferson-county-alabama-20110531

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