Basically, they’re doomed. DOOOOOOMED!

Jeffco’s choice: receivership, bankruptcy or deal – al.com

There just isn’t nearly enough money to even make payments on the debt, much less pay it down. ( ‘”I don’t think anybody, including the creditors, expect Jefferson County to pay this back,” said Andreas Rauterkus, a University of Alabama at Birmingham professor of finance.’) So either they declare bankruptcy, or they convince their creditors to make a deal with smaller payments, or turn over the system to somebody to try to make money from it somehow. Everything sucks.

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