Reuters: Bankruptcy News: Bankrupt Alabama county threatens to end workout plan

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Bankrupt Alabama county threatens to end workout plan Oct 17th 2013, 21:11 Thu Oct 17, 2013 5:11pm EDT Oct 17 (Reuters) - Local legislators in Alabama's Jefferson County on Thursday passed a resolution threatening to withdraw a pending plan for exiting its landmark $4.2 billion municipal bankruptcy if Wall Street creditors do not agree to more concessions. Four members of the county commission unanimously voted to withdraw a $1.84 billion debt-cutting plan within 15 days if the creditors fail to give concessions they say are now needed because interest rates have shot up since the workout plan was agreed in June. The pending plan, which was approved by creditors in early October, relies on a planned $1.9 billion sale of new sewer system bonds to replace soured bonds at the heart of what had been the biggest U.S. municipal bankruptcy case until Detroit filed for bankruptcy in July.

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