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...
Municipal Bankruptcy
Prichard City Officials Seek More Time in Bankruptcy Protection
Prichard City Council officials are asking for more time in regards to a bankruptcy protection lawsuit that was filed against the city. Officials with the city stated that they needed more time in order to get familiar with all “legal matters” in the case.This council...
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,...
San Bernardino becomes third California city to file for bankruptcy
In the past two months, three separate cities in the state of California have decided to file for bankruptcy protection. The latest filing decision comes from the City Council in San Bernardino.According to reports from this city of approximately 210,000 individuals,...
Bankruptcy protection sought by Stockton, CA
Residents of Stockton, California are saddened by the news that the city will be filing for bankruptcy protection.This filing will mark Stockton as the largest city in the nation to file for bankruptcy under the U.S. bankruptcy code.Stockton is home to approximately...
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...