Jefferson County bankruptcy

Jefferson County-Bankruptcy
4:42 pm
Thu December 5, 2013

After Emerging From Bankruptcy, What's Next For Jefferson County?

Brian Hilson is President and CEO of the Birmingham Business Alliance which helped Jefferson County in it's process to emerge from one of the largest municipal bankruptcies in U.S. history.
Credit Birmingham Business Journal

Jefferson County has emerged from one the largest municipal bankruptcies in U.S. history. After two years of meeting with creditors and countless days in court the county commission can operate with more ease. But how did they get to this point? Alabama Public Radio’s Ryan Vasquez talked with Brian Hilson who is President and CEO of the Birmingham Business Alliance about his organization's involvement in helping Jefferson County emerge from bankruptcy and what's next.

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Alabama County-Bankruptcy
4:10 pm
Tue December 3, 2013

Jefferson County Emerges From Bankruptcy

Jefferson County has closed the sale of nearly $1.8 billion in new debt and emerged from the nation's second largest municipal bankruptcy.
Credit rollingstone.com

Jefferson County has closed the sale of nearly $1.8 billion in new debt and emerged from the nation's second largest municipal bankruptcy.

Jefferson County Commission President David Carrington said the paperwork on the new debt was signed Tuesday. Commissioner Jimmy Stephens said a great weight has been lifted.

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Jefferson County-Bankruptcy
4:53 pm
Thu November 21, 2013

Ala. Judge Approves Jefferson Co. Bankruptcy Exit Plan

A federal judge has approved Jefferson County's plan to exit the second-largest municipal bankruptcy in U.S. history.
Credit blog.al.com

A federal judge has approved Jefferson County's plan to exit the second-largest municipal bankruptcy in U.S. history.

Bankruptcy Court Judge Thomas Bennett said Thursday he's approving the county's plan to cut and refinance its debt.

The county filed for bankruptcy in November 2011, citing more than $4 billion in debt. It was the nation's largest municipal bankruptcy until Detroit filed this year for $18 billion.

The bulk of Jefferson County's debt was more than $3 billion from sewer construction.

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Alabama County Bankruptcy
3:47 pm
Mon November 4, 2013

Jefferson County Aims To Exit Bankruptcy

Jefferson County aims to exit bankruptcy with an effort this week to sell $1.7 billion in refinanced sewer warrants.
Credit rollingstone.com

The effort to sell $1.7 billion in refinanced Jefferson County sewer warrants begins this week with presentations by local officials in Birmingham and New York.

Jefferson County Commissioner Jimmie Stephens says the milestone means that the county "is alive and well and beginning to kick again."

The presentations come one week after the Jefferson County Commission approved modified deals with sewer creditors. The county's path to exit Chapter 9 bankruptcy relies on the sale of new sewer system warrants to replace soured debt.

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Jefferson County
8:25 am
Wed September 18, 2013

Jefferson County Approves Budget

Jefferson County's car tag lines have been the most visible symptom of the county's financial problems.
The Birmingham News/Tamika Moore

Jefferson County commissioners have approved a more than $463 million budget presented by County Manager Tony Petelos.

   The commission approved the budget on Tuesday.

   WBRC-TV reports (http://bit.ly/18xFyXP) that it includes more money to purchase equipment which has been neglected for years because of the county's money troubles.

   The budget will include a 2 percent cost-of-living raise for county workers for the first time in years. Petelos said the county needs to do more to keep workers from leaving.

Jefferson County-Taxes
2:35 pm
Sun August 4, 2013

$3 Million In Jefferson Co. Taxes Uncollected

Nearly $3 million in Jefferson County business property taxes haven't been collected because there aren't enough agents on staff to recoup the money.
Credit rollingstone.com

According to county records, nearly $3 million in Jefferson County business property taxes haven't been collected because there aren't enough agents on staff to recoup the money.

Tax collector J.T. Smallwood says the bankrupt county has no tax agents in Birmingham and has one in the Bessemer Division.

According to the tax collector's office, Jefferson County has missed out on $570,000 in 2013 because of uncollected taxes. The county did collect $560 million during the last fiscal year.

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Jefferson County Bankruptcy
6:35 pm
Sun June 30, 2013

Jefferson County Files Bankruptcy Exit Plan

Jefferson County attorneys have filed a plan to exit the largest municipal bankruptcy in American history.
Credit rollingstone.com

Attorneys for Jefferson County have filed a 101-page plan to exit the largest municipal bankruptcy in American history.

The plan calls for cutting the county's $4.2 billion debt by more than $1.2 billion and raising sewer rates annually by 7.41 percent for four years. Rates would rise by 3.49 percent annually for an undetermined amount of years after that.

The plan must be approved by Thomas Bennett, U.S. Bankruptcy Judge for the Northern District of Alabama.

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Jefferson County Bankruptcy
5:18 pm
Thu June 27, 2013

Jefferson Co. Commission Approves Bankruptcy Plan

Jefferson County commissioners have approved a plan to exit the largest municipal bankruptcy in U.S. history.
Credit jeffconline.jccal.org / Jefferson County Commission

Jefferson County commissioners have approved a plan to exit the largest municipal bankruptcy in U.S. history.

The panel approved the plan on a 4-1 vote Thursday. It's due to be filed with a federal judge Sunday.

Most of the $4.2 billion debt stems from bonds that funded sewer system repairs, and the plan includes sewer fee hikes of 7.4 percent for four years and 3.4 percent for 40 years.

Commissioner George Bowman opposed the plan, which he says puts too much of a burden on people in his district.

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Politics & Government
8:22 am
Fri May 10, 2013

Ala County Has Timeline for Ending Huge Bankruptcy

Jefferson County Bankruptcy attorney Kenneth Klee says the county hopes to submit a plan to get out of bankruptcy by the end of June.
al.com

An Alabama county hopes to end the largest municipal bankruptcy in U.S. history by the end of this year.

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Jefferson County Bankruptcy
5:32 pm
Sun March 17, 2013

Alabama Lawmaker Proposes Jefferson County Tax

State Rep. John Rogers of Birmingham is proposing to reinstate Jefferson County's .5% occupational tax.
WBRC video

(Information in the following story is from: The Birmingham News, http://www.al.com/birminghamnews)


A state representative from Birmingham has proposed a plan that he says will allow Alabama's largest county to escape from bankruptcy.


Democratic Rep. John Rogers told The Birmingham News that he will introduce a bill in the Legislature to reinstate the Jefferson County 0.5 percent occupational tax and generate as much at $65 to $70 million. Rogers is co-chairman of the Jefferson County legislative delegation.

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Politics & Government
6:37 am
Mon January 28, 2013

Movement Possible in Jefferson Co. Bankruptcy

Jefferson County's Comission approved sewer rate increases last year, but lenders argue the hikes should have been higher.
The Birmingham News

This could be an important week in Jefferson County's attempt to emerge from the largest municipal bankruptcy in U.S. history.


Al.com (http://bit.ly/Vzd38I ) reports that the county commission president and another commissioner will be in New York for meetings with hedge fund managers as they try to negotiate a deal.


On Wednesday, a federal bankruptcy judge in Birmingham will begin a hearing on a request by creditors who want to go to state court seeking rate increases for sewer service in Jefferson County.

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