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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

Quote: “If 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.” 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 “30 sticking points” 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 wasn’t considered in most cases because of concern that a filing “would have a significant and permanent effect on a municipality’s ability to go out and borrow money,” Esser said in an interview. Jefferson County officials said they share that fear. “Access to the credit markets in the future is absolutely one of the major concerns that one must address in contemplating bankruptcy,” 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. ‘No Memory’ Los Angeles. He currently represents the Los Angeles Dodgers Major League Baseball team, which sought Chapter 11 protection in June. Bennett and Levinson aren’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 “nominal,” 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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