Alabama's county says creditors OK new terms to end bankruptcy

Reuters

Oct 30 (Reuters) - Alabama's Jefferson County and WallStreet creditors have reached agreement on a revised plan to endthe second-largest U.S. municipal bankruptcy, county officialssaid on Wednesday.

The new terms were not made public but county officials hadsaid they needed $350 million more in concessions becauseinterest rates had risen since June, when JPMorgan, hedge fundsand other creditors reached a tentative settlement to end the$4.2 billion bankruptcy.

County commissioners will consider the revised plan onThursday, when details will be released, county officials saidin a statement.

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