Carrington releases statement over latest bankruptcy negotiation - ABC 33/40 - Birmingham News, Weather, Sports

Carrington releases statement over latest bankruptcy negotiations

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Jefferson county commission president David Carrington's office released a statement Tuesday morning concerning the latest on negotiations with creditors to allow the county to move forward and exit bankruptcy in December.

The creditors have not yet reached agreement as to how they would cut another $350 million from the county's amended plan of adjustment. The deadline imposed by the county was 4:00 central time Monday. Creditors ignored that deadline.

Carrington and Commissioner Jimmie Stephens met this morning. Below is the latest statement released by the two men.

"Last Friday, County representatives held a settlement conference call with all of the major sewer creditor groups: JP Morgan, the bond insurers, the hedge funds and the liquidity banks. During this call, County bankruptcy attorney Lee Bogdanoff described in detail the required concessions from each group in order to proceed to confirmation.  The County also set a 5:00 PM deadline for each party to respond to the County's request.  All parties responded before 5:00.  Even though significant progress has been made, there remain several unresolved issues. Due to the sensitive nature of the ongoing conversations, we will not be making any further comments at this time."


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