Jefferson County Commissioners have returned from their first round of bargaining with creditors. While they are optimistic, they still don't have a deal.
Last week Commissioners David Carrington and Jimmie Stephens traveled to Los Angeles to meet and negotiate with creditors.
"The creditors are trying to maximize their return for their investors. So you know that is a broad gap and what we are trying to do is narrow the gap," Stephens said.
The county remains in bankruptcy. Commissioners recently raised sewer rates in an effort to increase revenue to create a plan to get out of bankruptcy.
"We are making headway. We are not there yet, but obviously if we weren't making headway we wouldn't be making another series of meetings in December," Carrington said.
So far, talks with creditors like JP Morgan and others have just included agreements on the numbers and the staking out of positions. If there is no agreement, both sides face a lengthy and expensive legal battle in court.
"There is a possibility we could have a Christmas present in the form of a broad agreement. I'm not holding out hope," Carrington said.
The next round of talks will take place in mid-December. Commissioners are hoping for a deal in January.
Copyright 2012 WBRC. All rights reserved.
1720 Valley View Drive