Negotiators for Alabama's bankrupt Jefferson County and Wall Street creditors are making modest headway but still have a long way to go before reaching a deal to end America's biggest municipal bankruptcy, county leaders said on Friday, Reuters reported. After meeting creditors of the county's sewer system, Jefferson County Commission President David Carrington and Commissioner Jimmie Stephens gave no details but said that more negotiating sessions were expected in New York in early December. Home to Birmingham, Ala.'s biggest city, Jefferson County on Nov. 9, 2011, filed a $4.23 billion chapter 9 bankruptcy caused mainly by more than $3 billion of soured sewer system debt, political corruption and the loss of a local jobs tax worth about $60 million a year.
