published Wednesday, December 4th, 2013

Jefferson County, Ala., emerges from bankruptcy

Birmingham, Alabama
Birmingham, Alabama
Photo by Associated Press /Chattanooga Times Free Press.

BIRMINGHAM, Ala. -- Jefferson County has closed the sale of nearly $1.8 billion in new debt and emerged from the nation's second largest municipal bankruptcy.

Jefferson County Commission President David Carrington said the paperwork on the new debt was signed Tuesday. Commissioner Jimmy Stephens said a great weight has been lifted.

Jefferson County filed for bankruptcy in 2011, citing more than $4.2 billion in debt. It had been the nation's largest municipal bankruptcy until Detroit filed this year, citing $18 billion in debt. A federal judge approved Jefferson County's plan to exit bankruptcy last month, but it was conditioned on closing on the new debt Tuesday.

A group of residents is appealing the judge's approval of the county's plan.

The plan means higher rates for customers of the county sewer system.

about Associated Press...

The Associated Press

videos »         

photos »         

e-edition »

advertisement
advertisement

Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.