Jefferson County approves plan to end bankruptcy

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BIRMINGHAM, Ala. (WIAT) — Thursday is a big day for Jefferson County.

The Jefferson County Commission has approved a bankruptcy exit plan.

The plan includes deals with several creditors that will cut about $1.2 billion of the $3.1 billion worth of sewer debt.

It also involves refinancing $1.9 billion in debt through bonds.

That will lead to higher sewer rates.

The commission expects the plan will get the county out of bankruptcy by December.

Copyright 2013 WIAT-TV CBS 42

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