Thursday, May 9, 2013

Reuters: Bankruptcy News: Bankrupt Alabama county sees exit plan in June-lawyer

Reuters: Bankruptcy News
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Bankrupt Alabama county sees exit plan in June-lawyer
May 9th 2013, 15:40

BIRMINGHAM | Thu May 9, 2013 11:40am EDT

BIRMINGHAM Ala. May 9 (Reuters) - Alabama's Jefferson County expects to file a "largely consensual" plan by late June to exit its record $4.2 billion municipal bankruptcy, a lawyer for the county said on Thursday.

"We are looking at a largely consensual plan by late June, a hearing in August, voting 30 days after approval, confirmation in October or November, (and to be) put in effect by no later than late December," attorney Kenneth Klee told a U.S. bankruptcy judge in Birmingham.

"I believe we have made substantial progress toward a consensual agreement," Klee said.

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