Thursday, July 10, 2014





Ala. county files plan to exit $4.2B bankruptcy


June 30. 2013 6:39PM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Attorneys for Alabama's Jefferson County have filed a 101-page plan that would allow it to exit the largest municipal bankruptcy in American history.


The plan filed Sunday calls for cutting the county's $4.2 billion debt by more than $1.2 billion and raising sewer rates annually by 7.41 percent for four years. Rates would rise by 3.49 percent annually for an undetermined amount of years after that.


Most of the $4.2 billion debt stems from bonds that funded sewer system repairs.


The plan must be approved by creditors and ultimately Thomas Bennett, U.S. Bankruptcy Judge for the Northern District of Alabama. A hearing is scheduled for Aug. 6.


Home to the state's largest city of Birmingham and more than 650,000 people, Jefferson County filed for bankruptcy in 2011 after three years of negotiations failed to result in a settlement to pay off the debt.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds