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Upsides Of The Largest Muni Bankruptcy In US History

Law360, New York (December 2, 2011, 1:01 PM EST) -- Jefferson County, Ala., has filed for Chapter 9 bankruptcy protection after failing to reach a final agreement on terms with creditors to settle a $3.14 billion sewer-system bond debt. The Chapter 9 filing, which is the 11th by a municipality this year, is the largest municipal bankruptcy in American history, far surpassing Orange County, Calif.'s default on its $1.7 billion debt in 1994. While the bankruptcy filing will certainly damage Jefferson County's financial condition, investors are hopeful that it will not significantly harm an already skittish municipal bond market....

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