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With a Thursday afternoon deadline fast approaching, investors and officials in Alabama are working to review new proposals to avert the biggest municipal bankruptcy in American history. Jefferson ...
The case was filed in the Northern District of Alabama Bankruptcy Court as case number 11-05736. As of May 2012 [update] , Jefferson County had slashed expenses and reduced employment of county government workers by more than 700. [ 18 ]
The first municipal bankruptcy legislation was enacted in 1934 during the Great Depression. [2] Although Congress attempted to draft the legislation so as not to interfere with the sovereign powers of the states guaranteed by the Tenth Amendment to the Constitution, the Supreme Court held the 1934 Act unconstitutional as an improper interference with the sovereignty of the states. [2]
Belle Foods, LLC was a family-owned chain of American supermarkets headquartered in Birmingham, Alabama. [1] The company had a relatively short lifespan. It began operating its rebranded Bruno's and Food World and Piggly Wiggly Stores on July 1, 2012, but filed for bankruptcy just one year later. [2]
Alabama's massive sewer debt crisis is coming to a close. Commissioners of Jefferson County voted 4-1 on Friday to accept a term sheet with creditors, allowing it restructure and partially write ...
The bonds resulted in a $3.2 billion sewer debt, contributing to the Jefferson County commissioners voting to declare bankruptcy on November 10, 2011, in what at the time was the largest municipal bankruptcy in U.S. history. [31] [32] The U.S. government sought $7.6 million in forfeiture from the three men.
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