Still no agreement between JeffCo & creditors - ABC 33/40 - Birmingham News, Weather, Sports

Still no agreement between JeffCo & creditors

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Apparently Jefferson County's deadline to its creditors had some wiggle room.

The commission had given creditors until Monday afternoon at 4:00pm central to concede another $350 million or set the county's plan to exit bankruptcy back by months.

The deadline came, but the creditors have yet to work out a deal among themselves.

Negotiations are still underway in New York so there's hope that an agreement will be reached.
However, if enough concessions aren't made by creditors come November 4, the county will end the support agreements in the bankruptcy plan.

That would put us back at square one. The commission says the ball is in the creditors' court.

Commission president David Carrington believes progress has been made. But knows there are several unresolved issues.

"The conversations are now by and between the creditors," says Carrington. "Basically the county has said what we are going to do and it's up to you to resolve the issues by and between yourselves in order for this plan to move forward."

Commissioner Jimmie Stephens says the county is standing firm on what it expects from creditors.

"The county commission has negotiated the best possible deal on their behalf and we're comfortable moving forward to a good resolution in the near future," says Stephens.

Stephens says now, the commission is looking ahead to November 4.

"Without further action we will cancel all the planned support agreements through the November 4 deadline. It will require commission action to rescind that."

A confirmation hearing in bankruptcy court is scheduled for November 12.

 

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