JPMorgan Chase & Co. (JPM) Financial News - Jefferson County Bankruptcy Filing May Not Block Future Credit
JPMorgan Chase & Co. (JPM)
Jefferson County Bankruptcy Filing May Not Block Future Credit
2011-08-04 04:12:07Quote: â€œIf a municipality effectively restructures and emerges from Chapter 9 with a strong balance sheet, it should have the same access to the credit markets as any entity having similar credit characteristics.â€ U.S. Bankruptcy CourtJPMorgan Chase & Co. (JPM) The commission is scheduled to meet today in Birmingham at 2 p.m. Another meeting is scheduled for Aug. 9 and interviews with three commissioners yesterday left open the possibility that a vote may again be delayed. Sewer-System Debt On Aug. 2, commission President David Carrington said there are probably â€œ30 sticking pointsâ€ in talks with creditors over restructuring $3.1 billion of sewer-system debt. The county has asked bondholders to forgive $1.3 billion of the debt, while creditors have offered to write off $1 billion. Bankruptcy CodeChicago. Bankruptcy wasnâ€™t considered in most cases because of concern that a filing â€œwould have a significant and permanent effect on a municipalityâ€™s ability to go out and borrow money,â€ Esser said in an interview. Jefferson County officials said they share that fear. â€œAccess to the credit markets in the future is absolutely one of the major concerns that one must address in contemplating bankruptcy,â€ Jefferson County Commissioner Jimmie Stephens said in an e-mail. Commissioner Sandra Little Brown said through an aide, Walter Mitchell, that she agreed with Stephens. â€˜No Memoryâ€™ Los Angeles. He currently represents the Los Angeles Dodgers Major League Baseball team, which sought Chapter 11 protection in June. Bennett and Levinson arenâ€™t involved in the Jefferson County negotiations. interest rates as before filing, Bennett said. The same should be true for municipalities, and any difference in credit terms would be â€œnominal,â€ he said. Since it left bankruptcy, Orange County has issued more than $2 billion in debt, county spokesman Howard Sutter said...
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