Reuters: Bankruptcy News: Alabama's county says creditors OK new terms to end bankruptcy

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Alabama's county says creditors OK new terms to end bankruptcy Oct 30th 2013, 20:05 Wed Oct 30, 2013 4:05pm EDT Oct 30 (Reuters) - Alabama's Jefferson County and Wall Street creditors have reached agreement on a revised plan to end the second-largest U.S. municipal bankruptcy, county officials said on Wednesday. The new terms were not made public but county officials had said they needed $350 million more in concessions because interest rates had risen since June, when JPMorgan, hedge funds and other creditors reached a tentative settlement to end the $4.2 billion bankruptcy. County commissioners will consider the revised plan on Thursday, when details will be released, county officials said in a statement.

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