Alabama

Settlements with most of the creditors holding Jefferson County, Ala.'s $3.1 billion of defaulted sewer debt should help pave the way for a smooth Chapter 9 exit.

Jefferson County, Ala., has negotiated another agreement to settle payment on $138 million of defaulted sewer debt held by liquidity banks.

The 11th Circuit Court of Appeals has postponed oral arguments on several issues relating to Jefferson County, Ala.'s bankruptcy case until Jan. 15.

Jefferson County, Ala.'s bankruptcy judge is being asked to reconsider postponing a case by sewer system ratepayers who say they will be unfairly impacted by a deal with major creditors.

A hearing is set for June 27 on Jefferson County, Ala.'s motion to delay sewer system-related litigation. The county is also asking for postponement of appeals before the 11th Circuit Court.

Moody's Investors Service says agreements with most investors in Jefferson County, Ala.'s defaulted sewer warrants would result in a 60% overall recovery rate, which is consistent with the agency's Ca rating.

The federal judge overseeing the case against former JPMorgan bankers Charles LeCroy and Douglas MacFaddin denied the Security and Exchange Commission's request to set a trial date.

Jefferson County, Ala.'s sewer debt deal Tuesday may help it exit the country's largest municipal bankruptcy but it could leave several unresolved legal issues important to the municipal bond market.

Creditors are asking the 11th Circuit Court of Appeal in Atlanta whether a bankruptcy judge can remove a state-court appointed receiver. Jefferson County is appealing the judge's ruling on the use of sewer system revenues during bankruptcy.

Larry Langford, who orchestrated Jefferson County's failed sewer financings, refuted reports of his death but said he is quite sick and has been denied a request for early release from prison.

Jefferson County, Ala., approved a plan with JPMorgan, bond insurers and seven hedge funds holding $2.4 billion of sewer warrants that could help the county exit Chapter 9 bankruptcy.

Jefferson County, Ala., has a busy week ahead with major court hearings on the county's Chapter 9 exit plan and motions to dismiss a suit claiming the county's sewer swaps are invalid.

Alabama Gov. Robert Bentley announced that more than 250 new road and bridge projects will move forward thanks to a $25 million bond program for rural counties.

The Jefferson County, Ala., Commission is expected to approve another settlement with creditors over $105 million of defaulted 2001B variable-rate general obligation warrants.

The Jefferson County, Ala., Commission thought it had landed a state Supreme Court justice as a replacement for the recently retired county attorney but the attorney backed out less than a week later.

Moody's Investors Service issued a report on Wednesday that examined the local governments and school districts that rely on federal employment, procurement, Medicare reimbursement and education grants that would be most affected by sequestration.

A hearing in Alabama federal court will consider a motion by Bank of New York Mellon, which wants a detailed review of bankrupt Jefferson County's sewer system finances, studies, assets, and future plans.

Years after former Alabama Gov. Bob Riley waged war to eliminate casino-like slot machines operated as electronic charity bingo games, bondholders are still in court fighting to salvage their investments.

Bankrupt Jefferson County, Ala., is looking for a new head staff attorney after county commissioners secured the involuntary retirement of Jeff Sewell.

Bankruptcy Judge Thomas Bennett ruled that Assured Guaranty Municipal Corp. cannot proceed with its lawsuit against JPMorgan in New York state court because it involves bankrupt Jefferson County, Ala.