Bankrupt Ala. County Reaches Deal With Lenders

Law360, Los Angeles (June 27, 2013, 5:54 PM EDT) -- Jefferson County, Ala., has reached a settlement with lenders, including JPMorgan Chase Bank NA, seeking $138 million, in a deal that bolsters an agreement to structure more than $3 billion of the county’s debt, a county attorney told a bankruptcy court Thursday.

The courtroom announcement by Jefferson County attorney Jennifer Harris Henderson came before county officials approved the settlement as the county moves toward exiting Chapter 9 bankruptcy proceedings.

The deal ensures that the county’s liquidity banks and a bond insurer join several hedge funds and...
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