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Bankrupt Alabama county gets $300 million more in concessions

Thursday, 31 Oct 2013 | 4:49 PM ET

Oct 31 (Reuters) - JPMorgan Chase and other Wall Street creditors have agreed to $300 million in new debt concessions aimed at ending the second largest U.S. municipal bankruptcy by year's end.

County officials had sought $350 million in concessions, arguing that recent jumps in interest rates had made a planned bond sale meant to replace soured debt had become too expensive and would require scuttling a negotiated agreement reached in June.

"The county may now take the final steps to exit the bankruptcy we entered in 2011," Jefferson County Commissioner Joe Knight said at a county commission meeting in Birmingham.

(Reporting By Michael Connor in Miami; Editing by Dan Burns)

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