Creditors back Alabama county's bankruptcy plan
BIRMINGHAM, Ala., Oct 8 (Reuters) - Creditors in the $4.2 billion bankruptcy case involving Alabama's Jefferson County have "overwhelmingly approved" the county's plan of adjustment, Jefferson County Commission President David Carrington said on Tuesday.
Creditors had until an Oct. 7 deadline to submit their votes on a bankruptcy exit plan approved in August by the judge in the case. Carrington said the final count will come later this week.
Approval by creditors paves the way to a year-end bond sale of about $1.9 billion that is needed to pay off current sewer debt bondholders at sizable discounts.