Alabama County Looks At Bankruptcy Alternative
Birmingham, AL – Jefferson County commissioners are taking a look at a counterproposal to a plan for the county to file for bankruptcy.
Commissioners last week decided to delay until Thursday a decision on whether to file for bankruptcy, giving them time to consider a settlement plan from creditors.
Contents of the plan, which arrived last week with court-appointed receiver and intermediary John S. Young, are closely guarded.
Jefferson County has $4.1 billion in debt including sewer debt, school warrant issue debt and general obligations. If the county were to file it would be the largest municipal bankruptcy in U.S. history.
Commissioner Sandra Little Brown says she expects the proposal to contain a fund for people who struggle to pay their sewer bills.
(Copyright 2011 by The Associated Press. All Rights Reserved.)