Judge Thomas Bennett of the US Bankruptcy Court in Birmingham, Alabama approved Jefferson County's debt restructuring plan to exit bankruptcy after a 14-hour hearing on Thursday, November 21.
Officials of Jefferson County in Alabama said it had arrived at a new agreement with its Wall Street creditors that would pave the way for its exit from its USD 4.2 billion bankruptcy.
The state of Jefferson County, Alabama planned to sell sewer system securities worth USD 1.7 billion to pay off its debts to its creditors. Jefferson County is still under bankruptcy protection.
Citigroup Global Markets was picked by bankrupt Jefferson County to handle its bond refinancing.