JeffCo is closer to its Chapter 9 exit strategy - ABC 33/40 - Birmingham News, Weather, Sports

JeffCo is closer to its Chapter 9 exit strategy

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BIRMINGHAM - AL -

Jefferson County will have a plan to exit Chapter 9 bankruptcy June 1 to be submitted to the federal judge. Tuesday, all commissioners got a look at the rough draft.

Right now, the county and its attorneys are still regularly meeting with three creditor groups. Commissioner Jimmie Stephens say they want the creditors to agree to the bankruptcy plan before its filed in federal bankruptcy court. That would create a consensual plan. With all parties agreeing to it, it would allow the county to exit bankruptcy faster.

The county is asking each creditor group to come back with a figure about how much of the debt they are willing to erase.

Before the plan is filed, commissioners will deliberate on it publicly. Commissioner Stephens says they aren't close to being at that point.

Jefferson County filed bankruptcy in November 2011. It's sewer debt of 3.6 billion dollars and combined debt of more than four billion made it the largest municipal Chapter 9 bankruptcy filing in the U.S..

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