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Bankrupt Alabama County Reaches Key Debt Deal

Source: Reuters | Alabama | February 15, 2013

Officials in Alabama's bankrupt Jefferson County approved a deal on Thursday with European Depfa Bank Plc to cut interest charges on about $162 million of the county's school debt.

Although the "plan support agreement" saves only about $1 million a year for the county, which in 2011 filed a $4.23 billion municipal bankruptcy, the resolution passed by the Jefferson County Commission said the deal would bolster the county in talks to hammer out a broader adjustment plan with its Wall Street creditors.

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