David Carrington News
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Jefferson County, Alabama, will file a plan to exit bankruptcy within three months that would cut its sewer debt by at least $1 billion, said the president of the county commission.
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Jefferson County commissioners expect creditors holding about $3 billion of its debt to offer a restructuring proposal before a special meeting tomorrow, President David Carrington said.
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Jefferson County, Alabama, commissioners approved a provisional agreement with holders of $3.14 billion of sewer debt to avert what would have been the largest municipal bankruptcy in U.S. history.
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Jefferson County, Alabama, which approved a deal with holders of $3.14 billion of its sewer debt, now needs action by state lawmakers to end a more than three- year saga that kept it on the brink of filing the biggest municipal bankruptcy in U.S. history.
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Jefferson County, Alabama, won’t agree to a deal for restructuring its debt that rules out the possibility of filing for bankruptcy protection, Commission President David Carrington said.
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Jefferson County, Alabama, officials extended until mid-September talks with creditors holding $3.14 billion of sewer bonds after rejecting a proposed settlement to avert what would be the biggest U.S. municipal bankruptcy.
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Jefferson County Commission President David Carrington said there are probably “30 sticking points” in talks with creditors over restructuring $3.1 billion of sewer-system debt that has brought the municipality to the verge of bankruptcy.
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Jefferson County Commission President David Carrington said creditors led by JPMorgan Chase & Co. have resolved issues blocking a settlement over the Alabama county’s $3.1 billion of sewer debt.
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Jefferson County, Alabama, officials shouldn’t worry that a bankruptcy filing will damage their ability to borrow money in the future, said lawyers who guided other municipalities through two of the biggest court-supervised restructurings. The markets will forget, they said.
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Call it sewer fatigue.
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