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Alabama county proposes sewer debt revamp

Fri Aug 29, 2008 5:28pm EDT

MIAMI, Aug 29 (Reuters) - Alabama's Jefferson County on Friday proposed a restructuring of $3.2 billion of sewer debt with longer maturities, an offer lenders agreed to review and respond to during talks next week, Alabama's governor said.

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Gov. Bob Riley said in a news release from Montgomery, Alabama, that the county will be presented with a stand-still agreement through Sept. 30. A current forbearance agreement was to expire on Friday.

The county's lenders and Alabama's governor held last minute negotiations on Friday to decide whether the state's most populous county could restructure the sewer debt to avert a possible bankruptcy filing. (Reporting by Michael Connor)

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