JeffCo Commissioners return to New York in bankruptcy dealings | News
BIRMINGHAM, AL (WBRC)- Jefferson County commissioners hope they are taking another step closer to getting out of bankruptcy.
Tuesday, Jefferson County Commission President David Carrington along with Commissioner Jimmie Stephens are heading to New York. While there the two will meet with officials with the New York State Insurance Department.
One point of contention is settling on a price of revamping the sewer system.
"It's not just a number with creditors. It's who will pay what to get that number. Certain creditors wouldn't mind if everyone else did the concessions," Carrington said.
The cost of making sewer improvements skyrocketed once the county entered into a bond deal after the economy dropped. Carrington admits it won't be easy.
"It's not only complicated by the multiple parties...what the final number will be. It's complicated as to what the final dollar amount will be," he said.
The commissioners met with creditors last month in Los Angeles seeking reach a consensus agreement over a plan of adjustment to get out of bankruptcy. Carrington says he doubts this trip will reach a deal but he hopes to see a framework agreement by February.
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