Creditors Approve Bankrupt Ala. County's Ch. 9 Exit Plan

Law360, New York (October 9, 2013, 5:37 PM EDT) -- Jefferson County, Ala.'s plan to trim its burdensome sewer debt by more than $1.2 billion has been "overwhelmingly" approved by its creditors, the county commission's president said Tuesday, bringing the county one step closer toward exiting bankruptcy by the end of the year.

The group — which includes pension funds and individual investors — approved the so-called “plan of adjustment” to trim its staggering $4 billion it debt following an Oct. 7 voting deadline, Jefferson County Commission President David Carrington said in a statement. The plan...
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