Jefferson County Extends Bondholder Talks After Rejecting Offer
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Jefferson County, Alabama, officials extended until mid-September talks with creditors holding $3.14 billion of sewer bonds after rejecting a proposed settlement to avert what would be the biggest U.S. municipal bankruptcy.
County commissioners said yesterday they wanted to take a larger role in the negotiations, which have been led by Governor Robert Bentley and his chief of staff. The commission approved a resolution to negotiate directly with the creditors, the largest of which is JPMorgan Chase & Co.