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Global Deals Review: Q4 2009

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Friday talks key for Alabama county sewer-debt deal

Thu Aug 28, 2008 1:31pm EDT

BIRMINGHAM, Ala. Aug 28 (Reuters) - Negotiations on Friday between lenders and Alabama's governor will probably decide whether or not the state's Jefferson County will be able to restructure $3.2 billion of sewer debt or seek bankruptcy protection, county commissioners said on Thursday.

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Facing an expiration on Friday of a stand-still agreement suspending possible default actions by the lenders, the commissioners this week gave Alabama Gov. Bob Riley the go-ahead to enter negotiations with Wall Street firms while ordering attorneys to ready a possible bankruptcy filing.

"The meetings tomorrow morning will determine what happens tomorrow at day's end," County Commissioner Jim Cairns, a Republican, told reporters. (Reporting by Melinda Dickinson, Writing by Michael Connor in Miami, Editing by Chizu Nomiyama)

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