Reuters: Bankruptcy News: Alabama's bankrupt Jefferson County aims to sell $1.89 bln debt

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Alabama's bankrupt Jefferson County aims to sell $1.89 bln debt Jun 5th 2013, 16:18 BIRMINGHAM, Ala., June 5 | Wed Jun 5, 2013 12:18pm EDT BIRMINGHAM, Ala., June 5 (Reuters) - Alabama's bankrupt Jefferson County aims to sell $1.89 billion of municipal debt in late 2013 as part of a bankruptcy-exit plan that will hand historic losses to Wall Street banks and other investors, a lawyer for the county said on Wednesday. "The buying should start December 2013," Kenneth Klee, a bankruptcy lawyer for the county told Reuters after a bankruptcy court hearing in Birmingham, Alabama. "A lot of people out there have money to invest and Jefferson County is going forward with a plan," Klee said of the offerings that were part of a tentative deal reached Tuesday by the county and creditors JPMorgan Chase, hedge funds and bond insurers. Under the deal, the county is refinancing the $1.89 billion that will be paid back to creditors after a haircut.

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