Lawmakers in Alabama's bankrupt Jefferson County yesterday chose Citigroup Global Markets as senior underwriter for a planned $1.9 billion bond refinancing in late 2013 that is central to ending America's biggest municipal bankruptcy case, Reuters reported yesterday. The county, which last month filed a negotiated plan of adjustment with a bankruptcy court, also selected Public Resources Advisory Group to act as financial adviser for the sewer warrants deal, according to a resolution passed by county commissioners. The county's plan filed on June 30 still must be confirmed by a federal judge but contains agreements with the biggest Wall Street creditors, such as JPMorgan Chase, that include losses of as much as 70 cents on the dollar.
