Jefferson County Aims To Exit Bankruptcy

Nov 4, 2013

Jefferson County aims to exit bankruptcy with an effort this week to sell $1.7 billion in refinanced sewer warrants.

The effort to sell $1.7 billion in refinanced Jefferson County sewer warrants begins this week with presentations by local officials in Birmingham and New York.

Jefferson County Commissioner Jimmie Stephens says the milestone means that the county "is alive and well and beginning to kick again."

The presentations come one week after the Jefferson County Commission approved modified deals with sewer creditors. The county's path to exit Chapter 9 bankruptcy relies on the sale of new sewer system warrants to replace soured debt.

The plan is to market and sell the refinanced warrants over the next two weeks and submit the modified plan for approval during confirmation hearings in U.S. bankruptcy court scheduled for Nov. 20.