Creditors make offer to Alabama county over debt

Reuters News
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Posted: Jul 28, 2011 10:28 AM
Creditors make offer to Alabama county over debt

BIRMINGHAM, Alabama (Reuters) - Creditors made a "very attractive offer" to Alabama's Jefferson County to settle its $3.14 billion sewer debt and avoid the largest municipal bankruptcy in U.S. history, a senior official said on Thursday.

The county is considering the offer, said John Young, a court-appointed manager for the county's debt-ridden water and sewer system.

(Reporting by Melinda Dickinson; Writing by Matthew Bigg, Editing by Tom Brown and James Dalgleish)