Pursuits
Jefferson County’s Path From Scandal to Bankruptcy: Timeline
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Jefferson County, Alabama, sought court protection as the biggest municipal bankruptcy in U.S. history to escape the burdens of more than $3 billion in debt.
A 4-1 vote to seek court protection by county commissioners in Birmingham today followed an impasse in a tentative settlement reached in September with creditors led by JPMorgan Chase & Co. That deal would have provided $1.1 billion in concessions, contingent on legislative support which hasn’t emerged. A court filing was made within an hour after the vote.