Jefferson County, Alabama, Files Largest Municipal Bankruptcy in U.S. History
Birmingham, Alabama, the most prominent industrial center in the Southeast before the civil- rights era, has been on a long losing streak that just got longer.
For months, they labored to cut a deal with their creditors. But $4 billion is a deep hole to negotiate out of. And so, with a settlement seemingly out of reach, Jefferson County, Ala., relented this week, and is now is tagged with a long-dreaded superlative: On Tuesday, it filed the largest municipal bankruptcy in U.S. history.
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"A new day" in Jeffco as bankruptcy process is laid out
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