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...
Ala. County Bank Creditors Back Sewer System Receiver
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