My Thoughts

Statement Regarding Revised Sewer Creditor Settlement

October 31st, 2013

As we have previously discussed, an unfortunate combination of events – including adverse market conditions, unseasonably cool, wet weather, and higher than anticipated capital expenses for the sewer system – imposed significant obstacles on the County’s ability to implement the global settlement that it negotiated with various sewer creditors and embodied in the chapter 9 […]

Joint Statement on the Status of Sewer Creditor Discussions

October 29th, 2013

Last Friday, County representatives held a settlement conference call with all of the major sewer creditor groups: JP Morgan, the bond insurers, the hedge funds and the liquidity banks. During this call, County bankruptcy attorney Lee Bogdanoff described in detail the required concessions from each group in order to proceed to confirmation. The County also […]

Statement Concerning Notice of Sewer Plan Support Agreement Terminations

October 18th, 2013

  Statement Concerning Notice of Sewer PSA Terminations October 17, 2013 As all of us know, the Confirmation Hearing on the County’s Plan of Adjustment  is currently scheduled to begin on November 12.  The Plan requires that the County sell new sewer warrants sufficient to pay the existing sewer creditors approximately $1.835 billion.  This Plan […]