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 set a 5:00 pm (EST) deadline for each party to respond to the County’s request. All parties responded before 5:00. Even though significant progress has been made, there remain several unresolved issues. Due to the sensitive nature of the ongoing conversations, we will not be making any further comments at this time.

Commissioners Stephens and Carrington