Bankrupt Ala. County Takes Step Toward Exit Plan Approval

Law360, New York (August 8, 2013, 2:22 PM EDT) -- An Alabama federal judge on Wednesday gave the green light to Jefferson County to seek approval of its plans to emerge from Chapter 9 bankruptcy, the latest step for the county in tackling more than $4 billion in debt.

U.S. Bankruptcy Judge Thomas Bennett signed off on the county's disclosure statement, paving the way for the county to seek confirmation of its plan to exit bankruptcy Nov. 12, according to court documents. The so-called "plan of adjustment," which was initially filed June 30 and tweaked July...
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