Ala. County Debt Soars After JPMorgan Ends Swaps

Law360, New York (March 12, 2009, 12:00 AM EDT) -- Jefferson County, Ala., which narrowly avoided becoming the largest municipal bankruptcy in history in October, has reportedly received notice from JPMorgan Chase & Co. that the financial firm will end its interest-rate swap agreements — worth $748 million — with the county, ballooning Jefferson's sewer debts to nearly $4 billion.

County Commission President Bettye Fine Collins said Tuesday that JPMorgan, which acquired some of the 17 swaps with Bear Stearns last year, ended the arrangement as of March 6, raising Jefferson's sewer debt from $3.2 billion...
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