Alabama county could become biggest bankruptcy in country - WRCBtv.com | Chattanooga News, Weather & Sports

Alabama county could become biggest bankruptcy in country

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By BOB JOHNSON
Associated Press

BIRMINGHAM, Ala. (AP) - Officials in Alabama's largest county are in executive session, talking about how to deal with more than $3 billion in debt and whether to file for the largest ever U.S. municipal bankruptcy.

Jefferson County Commission President David Carrington said the group could be in the executive session with the county attorney for several hours. Officials have said it's unlikely the Jefferson

County Commission will vote Thursday on whether to declare bankruptcy or take a deal from Wall Street to settle debts linked to a massive sewer project tainted by corruption.

Jefferson County, the state's economic hub, has been trying to avoid filing bankruptcy since 2008. The largest municipal bankruptcy was $1.7 billion, filed by Orange County, Calif., in 1994.

     

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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