Essentials of Corporate Finance: Jefferson County Bankruptcy

Jefferson County, Alabama, has reached an agreement
in its bankruptcy to refinance much of its debt. The county's
bankruptcy filing, with debt of $4.2 billion, makes it the largest
municipal bankruptcy in U.S. history. JPMorgan is giving up about $842
million, or about 70 percent of the face value of the debt it held of
the county's bonds. JPMorgan has been been under fire because of the way
the company had refinanced the county's debt in 2002 and 2003. After
the refinancing, several elected officials were sentenced to prison. The
terms of the settlement also included the resolution of a lawsuit filed
by the county against JPMorgan.

Source: http://essentialsofcorporatefinance.blogspot.com/2013/06/jefferson-county-bankruptcy.html

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