Jefferson County Debt Deal Won't Translate To Other Ch. 9s
By Maria Chutchian
Law360, New York (June 05, 2013, 8:23 PM ET) -- The deal announced late Tuesday providing Jefferson County, Ala., with a significant reduction of its massive debt is a huge turning point for the county, but the unusual circumstances surrounding the bankruptcy, including allegations of serious corruption, means it probably won’t set a lasting precedent for other distressed municipalities, experts said.
The proposed term sheet, which is subject to court approval as part of a so-called adjustment plan, would allow the county to resolve the $3 billion debt it incurred from an effort to revamp its sewage...