Bankrupt Alabama county says has deal on $105 million of bonds

BIRMINGHAM, Alabama Tue May 14, 2013 1:33pm EDT

Related Topics

BIRMINGHAM, Alabama (Reuters) - Alabama's bankrupt Jefferson County has reached a deal with creditors JPMorgan Chase and Bayerische Landesbank covering $105 million of general obligation warrants, county officials said on Monday.

The agreement, one of a series the county has reached since filing a landmark $4.2 billion bankruptcy in late 2011, covers the county's 2001b GO series and was expected to be approved on Thursday by the Jefferson County Commission.

The deal saves the county $2 million in fees and interest payments and shifts its variable rate to a fixed interest rate, officials said.

(Reporting by Melinda Dickinson, additional reporting by Michael Connor in Miami)

FILED UNDER: