Alabama
(2008-08-27)
BIRMINGHAM, AL
(APR - Alabama Public Radio
) -
Jefferson County officials have taken a step toward bankruptcy by authorizing Gov. Bob Riley and bankruptcy lawyers to take over negotiations with creditors to restructure the county's $3.2 billion sewer debt.Riley says it's probable that Jefferson County would seek court protection under Chapter 9 of the U.S. Bankruptcy Code. It would be the nation's largest municipal bankruptcy filing on record.
The Jefferson County Commission voted Tuesday to turn over the negotiations to the governor and bankruptcy lawyers.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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