Alabama's bankrupt Jefferson County aims to sell $1.89 billion of municipal debt in late 2013 as part of a bankruptcy-exit plan that will hand historic losses to Wall Street banks and other investors, Reuters reported today. "The buying should start December 2013," said Kenneth Klee, a bankruptcy lawyer for the county. "A lot of people out there have money to invest and Jefferson County is going forward with a plan," Klee said of the offerings that were part of a tentative deal reached Tuesday by the county and creditors JPMorgan Chase, hedge funds and bond insurers. Under the deal, which will be part of a reorganization plan that must be okayed by a federal judge and in a vote by creditors, the county is refinancing the $1.89 billion that will be paid back to creditors in America's largest municipal bankruptcy to date.
