March 20, 2012
A group of bank creditors vowed Monday to appeal an Alabama county's eligibility to file the largest municipal bankruptcy in U.S. history, saying the Eleventh Circuit should quickly resolve pressing questions about the state's bankruptcy laws.
March 05, 2012
An Alabama federal judge on Sunday greenlighted the largest municipal bankruptcy in U.S. history, deeming Jefferson County eligible under state law to restructure more than $3 billion in debt from a failed sewer system project.
February 24, 2012
Assured Guaranty Municipal Corp. on Thursday told the bankruptcy court overseeing Jefferson County, Ala.'s $4 billion Chapter 9 case that JPMorgan Chase Bank NA is improperly trying to use the proceeding to stall the municipal bond insurer's fraud suit against it in New York.
February 06, 2012
The Bank of New York Mellon Corp., which is indenture trustee for $3.6 billion in sewer warrants issued by Jefferson County, Ala., sued the bankrupt county Sunday seeking a ruling that it's entitled to receive all system revenues outside operating expenses.
January 06, 2012
The receiver for Jefferson County, Ala.'s insolvent sewer system and the bondholders on whose behalf he's working lost a bid Friday keep the bankruptcy court from curbing his powers over the system, including his ability to raise rates.
December 13, 2011
Jefferson County, Ala., on Tuesday fought back against efforts by Bank of New York Mellon Corp. and others to dismiss its Chapter 9 petition, arguing that it was indeed authorized under state law to seek bankruptcy protection.
November 29, 2011
An Alabama bankruptcy judge on Monday rejected two key arguments raised by opponents of Jefferson County's efforts to deal with more than $3 billion in sewer debt by curbing the powers of a court-appointed receiver over its sewer system.
November 18, 2011
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.