The Prichard water system could default this week on a $55 million bond issue, but it is unclear what exactly that would mean for customers.
this week on a $55 million bond issue, but it is unclear what exactly that would mean for customers.
Chris Lawrey, a finance professor at the University of South Alabama, said that is unlikely. If it comes to that, he said, the utility almost certainly would seek bankruptcy protection and work out a deal. Johnson said he has pressed Board Chairman Russell Heidelburg and two other members for an explanation.
Customers like Gean Doyle said they worry the board’s financial problems ultimately will end up costing them.
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