Alabama county debt deal plan ready for creditors

Reuters News
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Posted: Jul 14, 2011 12:20 PM
Alabama county debt deal plan ready for creditors

BIRMINGHAM, Alabama (Reuters) - Alabama's Jefferson County has finalized a plan to present to creditors aimed at settling its $3.2 billion sewer bond debt and avoiding the largest municipal bankruptcy in U.S. history.

County Commission President David Carrington said in a local television interview on Thursday the plan includes repayment at a fixed rate over a fixed term and said it would be backed by the state's good name and credit.

(Reporting by Melinda Dickinson; Writing by Matthew Bigg; Editing by James Dalgleish)