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tazzygirl -> Alabama county files bankruptcy (11/9/2011 6:44:01 PM)
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BIRMINGHAM, Ala (Reuters) - Alabama's Jefferson County filed for bankruptcy court protection on Wednesday in the biggest municipal bankruptcy in U.S. history.
Despite a tentative deal reached with creditors in September to settle $3.14 billion of debt, the county said it had filed for Chapter 9 bankruptcy court protection after county commissioners voted 4-1 to declare insolvency.
The vote by the commissioners, who are elected and not political appointees, came after they met behind closed doors for two days in a last ditch-attempt to restructure the county's debt out of court.
The filing by the county will add to concerns of more problems in the $3.7 trillion U.S. municipal bond market, which last month was hit by the high-profile debt crisis in Pennsylvania's capital of Harrisburg.
http://news.yahoo.com/alabama-county-seeks-file-biggest-municipal-bankruptcy-001117903.html
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