Jefferson County Reaches $1.8B Deal To End Ch. 9

Law360, New York (June 5, 2013, 12:19 PM EDT) -- Jefferson County, Ala., announced plans Tuesday to tackle its sewer-related debt with three refinancing agreements that will pay $1.8 billion to its major creditors, including JPMorgan Chase Bank NA, a step county officials say is significant as its prepares to exit Chapter 9 bankruptcy by the end of the year.

The agreements will “form the backbone” of the county's anticipated plan of adjustment, to be filed by June 30 in Alabama bankruptcy court, county Commissioner Jimmie Stephens told Law360 on Wednesday. The county's sewer debt weighs...
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