Alabama

Former Jefferson County Commissioner Larry Langford wants the U.S. Supreme Court to overturn his conviction.

Federal Bankruptcy Judge Thomas Bennett has ordered that an automatic stay associated with Jefferson County's bankruptcy will remain in effect through midnight Jan. 6.

A Birmingham, Ala., agency has closed on $64 million in bank loans that were privately placed due to concern that the recent bankruptcy of Jefferson County would make it difficult to seek financing in the bond market.

The bankruptcy filing by Jefferson County could ultimately hinge on a ruling by the Alabama Supreme Court.

Federal Judge Thomas Bennett, who is overseeing Jefferson County’s bankruptcy case, said Monday that he may not make a decision about whether the receiver will remain in charge of the county’s sewer system until after Dec. 23.

Jefferson County will be without a finance director after Friday.

Jefferson County is not eligible to file for bankruptcy because it has no debt outstanding that qualifies under the Alabama law that authorizes municipalities to file for Chapter 9, creditors argued in court filings last week.

The Securities and Exchange Commission said late Thursday that it is a "statutory party in interest" in Jefferson County, Ala.'s bankruptcy case and wants to receive all notices and documents filed with the court.

The potential ouster of the Jefferson County, Ala., sewer system's receiver in connection with the county's bankruptcy case could derail the long-held legal precedent that bonds secured by a specific pledge of revenues will continue to be paid during a Chapter 9 proceeding, according to creditors and industry participants.

Former JPMorgan banker Douglas MacFaddin and the Securities and Exchange Commission are seeking court sanctions against former Jefferson County commissioner Shelia Smoot for failing to appear for depositions and produce documents on several occasions.

In a recent report affirming the Birmingham Airport Authority's A-minus rating, Fitch Ratings said that it would be evaluating the potential effects of surrounding Jefferson County's bankruptcy filing.

BRADENTON, Fla. — The federal judge in Jefferson County's bankruptcy case on Monday struck down two arguments by the receiver in charge of the Alabama county's sewer system supporting the contention that the receiver should remain in place.

BRADENTON, Fla. - The federal judge assigned to Jefferson County, Ala.'s bankruptcy case Tuesday gave attorneys additional time to file briefs concerning how much control the receiver of the county's sewer system is entitled to retain.

BRADENTON, Fla. - The federal judge in Jefferson County's bankruptcy said Monday that he is inclined not to remove the Alabama state court-appointed receiver of the county's sewer system, though he is expected to decide whether to limit the receiver's rate-setting powers.

BRADENTON, Fla. - Federal bankruptcy Judge Thomas Bennett on Monday will hear the first major arguments in Jefferson County's massive bankruptcy case to determine if a receiver should remain in charge of the county's sewer system.

Birmingham is working on a plan to issue $75 million of general obligation bonds for various capital projects, according to the Birmingham News.

BRADENTON, Fla. - Assured Guaranty Ltd. said Tuesday that it will reconsider insuring the bonds of municipalities and states that don't have a process to review and approve local bankruptcy petitions, citing Alabama as a primary example.

BRADENTON, Fla. - Since Jefferson County, Ala., filed the county's largest municipal bankruptcy in history last week, attention has largely focused on the county's $3.14 billion of nonrecourse sewer system debt.

Alabama issuers should not see their ratings lowered by the Jefferson County bankruptcy action, but investor perception could take its toll on future issues.

Retail reaction to the announcement late Wednesday that Jefferson County, Ala., filed the largest municipal bankruptcy in U.S. history is likely to be muted, yet will still be closely monitored, portfolio managers say.