JP Morgan, German Bank agree to settlement deal - ABC 33/40 - Birmingham News, Weather, Sports

JP Morgan, German Bank agree to settlement deal

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BIRMINGHAM - AL -

JP Morgan and a German bank have agreed to a settlement with Jefferson County. It's for more than 100 million dollars of debt.

General obligation, school and sewer debt make up the county's more than four billion dollar bankruptcy.

This latest agreement creates a payment plan for 105 million dollars of general obligation debt. It eliminates the acceleration of the repayment, which commissioners say lead to more financial problems. It also puts a fixed interest rate in place.

More than 10 million dollars of the debt will be eliminated. The debt will be paid off by April 2021.

As part of the deal, one must also be reached over the sewer debt. JP Morgan also holds part of the more than three billion dollar sewer debt.

Commissioners say JP Morgan's involvement and interest in settling the general obligation debt shows the company's interest in also resolving the sewer issue.

Deals have already been reached over the Bessemer courthouse lease and school debt.

The general obligation debt was for county infrastructure, like road repairs, bridge work and upkeep on the county's buildings. Another creditor still holds an unsettled 93 million dollars of it.

The county defaulted on the general obligation warrant payments frequently over the last year. Commissioners say that debt alone was enough to drive the county into bankruptcy.

Last week, the county's bankruptcy attorney announced a bankruptcy deal should be in place by the end of June with the consent of most creditors. He says that should put the county on a timeline to start exiting bankruptcy in December.

 

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