Ala. County Bank Creditors Back Sewer System Receiver

Law360, New York (November 18, 2011, 6:13 PM EST) -- 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...
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