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Alabama county seeks to file biggest municipal bankruptcy

• Reuters

Legislators in Alabama's Jefferson County on Wednesday voted 4 to 1 to file for bankruptcy court protection in what would be the biggest municipal bankruptcy in U.S. history.

Despite a tentative deal reached with creditors in September to settle $3.14 billion of debt, county commissioners this week resurrected the threat of a Chapter 9 bankruptcy filing largely because the estimated savings from that agreement had shrunk considerably.

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