'Judge may set workout deadline in biggest U.S. muni bankruptcy' by Michael Connor Tue May 7, 2013 "(Reuters) - Alabama's Jefferson County will brief a federal judge on Thursday on its progress toward exiting from bankruptcy, as the county appears likely to become the first big U.S. local government to impose losses on bondholders since the 1930s. The case is seen as a testing ground for how bondholders fare when a local issuer breaks under excessive financial pressure. Jefferson County's $4.2 billion bankruptcy filing is the largest such municipal case in history, the result of debts taken on in a costly overhaul of the county's sewer system." http://www.reuters.com/article/2013...W620130507?feedType=RSS&feedName=businessNews
it's sounds like some of the holders will be out unscratched- while rest of them(retail and others) might be f***d. business as usual.