Ala. County Bank Creditors Back Sewer System Receiver
By Martin Bricketto
Law360, New York (November 18, 2011, 6:13 PM ET) -- Societe Generale and other banks on Friday urged an Alabama bankruptcy court to keep Jefferson County's sewer system under a receiver's control to protect revenues pledged to more than $390 million in financing that they're still owed over the system.
The governing board of Jefferson County, grappling with $3.14 billion in sewer debt, voted Nov. 9 to file the largest municipal bankruptcy in U.S. history after settlement talks with creditors broke down. That same day, the county demanded that the receiver turn over control of the...