Jefferson County, Alabama postpones bankruptcy meeting

A meeting was to be held today to decide whether Jefferson County’s government would file for bankruptcy over a $3 billion sewer project. The meeting was canceled on the news of a potential deal from JPMorgan Chase & Co that would cover $1 billion of the debt. Municipal bond markets are not likely to react much to the troubles in Jefferson as they have been obvious since 2008 when the county found itself unable to pay its debts. If the deal works Jefferson County may avoid filing the largest municipal bankruptcy in U.S. history.