WALL STREET JOURNAL: Jefferson County, Ala., which owes more than $3 billion on a failed sewer deal, filed Wednesday for what would be the largest municipal bankruptcy in U.S. history after a tentative rescue plan with creditors unraveled.
The county, home to Alabama’s biggest city, Birmingham, filed its Chapter 9 petition in U.S. Bankruptcy Court less than an hour after county commissioners voted 4-1 to do so. The document was signed by Commission President David Carrington.
“After over three years of diligent efforts toward regaining financial stability, the county has exhausted its options, and additional delays in resolving its financial crisis will further …
EDITOR: So why not Harrisburg? You loan the money, you take the risk.
