Alabama leaders have reported that they are gaining momentum toward striking a deal between Jefferson County and Wall Street creditors in regards to the largest municipal bankruptcy in the country.Negotiators with the county met with county’s sewer system creditors in...
Jefferson County Bankruptcy
Jefferson County Makes First Attempt to Emerge From Bankruptcy
Jefferson County has recently made plans in order to make an attempt to exit from Chapter 9 bankruptcy. The County Commissioners have said that the vote could happen as soon as next week, but some creditors have already stated that it will be challenged in...
Jefferson County Can No Longer Afford to Keep Hospital Open
Nearly a year ago, Jefferson County filed a $4.23 million bankruptcy case and now, they have claimed that they can no longer afford to keep a Birmingham hospital open. The hospital has 319 beds and offers in-patient services, but with only a few dozen patients a day,...
Jefferson County agrees to increase in debt payments
Last week, in negotiations with lawyers for bond insurer Syncora Guarantee, Jefferson County agreed to increase their debt payments. The insurer says their survival is being threatened by the county’s small payments.Last year, Jefferson County attorneys agreed to pay...
Major U.S. cities file for bankruptcy
The current state of the economy has lead to U.S. cities filing for bankruptcy in order to deal with the debt and lack of revenue.Bankruptcy analysts have stated that nearly 100 cities may be nearing this option. Two large municipalities Jefferson County, Alabama and...
Jefferson County files for bankruptcy
Last week, Jefferson County commissioners voted 4-1 to file for bankruptcy. The bankruptcy filing is reportedly the largest bankruptcy petition filed by a municipality in the history of the U.S.The filing was made on Thursday. A federal judge in Birmingham...
Jefferson County delays bankruptcy filing
Yesterday, Jefferson County officials delayed their potential chapter 9 bankruptcy filing for the second time in two weeks. Authorities now say they will have an agreement on entering into bankruptcy protection ready by next Friday, August 12.Governor Bentley...
Jefferson County has 80% chance of filing for bankruptcy
The Jefferson County commissioner has announced that the county has an 80 percent chance of filing for bankruptcy.The commissioner made this announcement after a day full of meetings with bankruptcy lawyers. She is now the first democrat that supports the plan for the...
Jefferson County moving towards declaring bankruptcy
Jefferson County officials say the county is moving closer and closer towards filing for bankruptcy. Commissioner Jimmy Stevens stated, “Bankruptcy has been on the stove, possibly moved to the front burner.”This week, a bill that would allow the county to raise...
Jefferson County May File for Bankruptcy
Alabama’s Jefferson County is in serious financial trouble after several alleged bribes with investors and building a new sewage system that may sink the county altogether.The county loaned money by several Wall Street banks, such as J.P. Morgan, who served as...