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AL county files for largest municipal bankruptcy

Alabama county files for largest ever municipal bankruptcy for $4B over sewer, other debt By The Associated Press

BIRMINGHAM, Ala. (AP) ' Leaders of Alabama's most populous county have filed an estimated $4.1 billion bankruptcy, the largest for a municipality in U.S. history.

Soon after Jefferson County Commissioners on Wednesday voted to declare bankruptcy over sewer and other debt, their lawyers filed the paperwork.

Two months after it seemed Jefferson County had struck a deal to settle the debt, Commissioner Jimmie Stephens moved for the bankruptcy. It was approved 4-1.

He says the commission and creditors never could complete the tentative agreement they reached in September and remained about $140 million apart.

He says it is time for the county to start putting this debt to rest.

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