Jefferson County plans warrant debt settlement, bankruptcy petition

By Devika Patel

Knoxville, Tenn., Sept. 13 - Jefferson County, Ala., said that its commission plans a special meeting on Sept. 16 to approve a term sheet outlining a settlement with the county's sewer warrant creditors. It also plans to file for bankruptcy.

The debt settlement will include a timetable and forbearance.

In addition, the commission will seek to approve a resolution authorizing the county to file a petition under Chapter 9 of the United States Bankruptcy Code and engage bankruptcy service providers who are needed to prosecute a bankruptcy case.

The county commission will also convene an executive session with its attorneys to discuss the legal ramifications and options for litigation and controversies that are likely if the commission pursues a certain course of action.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.