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UPDATE: No agreement reached in Freedom Industries bankruptcy hearing

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UPDATE, 3 p.m. July 22, 2014:

No agreement has been reached yet for the terms of Freedom Industries' bankruptcy settlement.

The company leaked MCHM into the Elk River in January, leaving roughly 300,000 people in parts of nine southern West Virginia counties unable to use their tap water for several days.

After an 11 a.m. July 22 hearing in U.S. Bankruptcy Court in Charleston, the judge decided AIG and the company's creditors have 10 days to come to an agreement. After that, if the creditors and insurers do not reach an agreement, they must submit briefs. The judge will then have seven days to make a decision about the proposed settlement.

Lawyers for Freedom Industries and businesses and people who sued Freedom reached a tentative $2.9 settlement, according to documents filed Friday, July 18 in Charleston federal court.

The settlement would use $2.9 million in insurance money for public projects, potentially including long-term health monitoring. A board would determine exactly how to spend the money.

The agreement would settle 24 lawsuits against Freedom. Many businesses sued to recoup profits they lost while shuttered for days. A January tap-water ban affected 300,000 people.

The Associated Press contributed to this report.