Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Did Jefferson County just declare bankruptcy?

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Places » Alabama Donate to DU
trof Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-09-11 06:04 PM
Original message
Did Jefferson County just declare bankruptcy?
I caught the tail end of a local news broadcast in Mobile.
I think that's what they said.
I'll check
Refresh | 0 Recommendations Printer Friendly | Permalink | Reply | Top
trof Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-09-11 06:19 PM
Response to Original message
1. Yep, they did.
Source: Birningham News

BIRMINGHAM, Ala. -- The Jefferson County Commission has just voted 4-1 to file an estimated $4.1 billion bankruptcy, the largest municipal bankruptcy in U.S. history.

The commission's action came after it spent approximately six hours over two days meeting with its lawyers to discuss legal options, including a Chapter 9 bankruptcy filing and a settlement with creditors on the county's $3.14 billion sewer debt.
Another factor in the decision appears to have been the Alabama Legislature's inability to reach a consensus on any means of helping the county resolve its financial difficulties.

Jefferson County has been flirting with bankruptcy since Feb. 12, 2008, when it first publicly acknowledged that it was in financial trouble. Interest rates on some of the county's $3.2 billion in sewer debt, which had been 3 percent just weeks earlier, has soared to 10 percent because of the fallout from the nation's subprime mortgage crisis, county officials said. Payments jumped to a point where they were no longer affordable.

Read more: ...
Printer Friendly | Permalink | Reply | Top
road2000 Donating Member (995 posts) Send PM | Profile | Ignore Thu Nov-10-11 06:27 PM
Response to Reply #1
2. "A statue in Alabama..."
Edited on Thu Nov-10-11 06:28 PM by road2000
Look for McCain to start yapping about Vulcan again.
Printer Friendly | Permalink | Reply | Top
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue May 23rd 2017, 06:29 AM
Response to Original message
Advertisements [?]

Home » Discuss » Places » Alabama Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC