Ala. County Delays Ch.9 Vote To Mull Creditor Truce

Law360, New York (July 28, 2011, 4:58 PM EDT) -- Commissioners for Jefferson County, Ala., called off a vote Thursday on whether to file for a record-breaking Chapter 9 bankruptcy to allow for settlement discussions with bondholders owed $3.2 billion for a sewer overhaul.

The commission scrapped its anticipated meeting and obtained a weeklong extension of the standstill period, suggesting that the county and its Wall Street creditors could refinance the bond debt and avoid what would be the largest municipal bankruptcy on record.

“A settlement has not been reached,” Commissioner David Carrington said. “The commission...
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