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Sep 16, 2011

Alabama county backs terms to settle $3.14 billion debt

BIRMINGHAM, Alabama (Reuters) – Alabama’s Jefferson County voted on Friday to proceed with a deal to settle its $3.14 billion sewer bond debt with creditors and avoid what would be the largest municipal bankruptcy in U.S. history.

The county Commission voted 4-1 in executive session to accept the main terms of a deal it had previously agreed with creditors, who include JPMorgan Chase & Co.

Sep 16, 2011

Alabama county official sees deal on $3.14 bln debt

, Sept 16 (Reuters) – The finance
commissioner for Alabama’s Jefferson County said on Friday he
believed creditors had agreed to terms to settle the county’s
$3.14 billion sewer bond debt, setting up a deal which would
avert the largest municipal bankruptcy in U.S. history.

Commissioner Jimmie Stephens made the comments as the
county’s commission went into executive session to review the
terms of the debt settlement. In the absence of a debt deal,
declaring bankruptcy has been one of the state’s options.

Sep 15, 2011

Alabama county faces bankruptcy decision over debt

/ATLANTA (Reuters) – Alabama’s Jefferson County will decide on Friday whether to declare bankruptcy over its $3.14 billion bond debt and there are hints the outline of a deal with creditors may be possible.

The county has three times deferred making a decision over whether to accept a settlement from creditors over the sewer system debt, which escalated in the mid-2000s, or declare what would be the largest municipal bankruptcy in U.S. history.

Sep 9, 2011

Georgia jobs program cited by Obama has big flaws

ATLANTA (Reuters) – A jobs program in the Southern state of Georgia, cited in President Barack Obama’s plan to fight unemployment, needs big fixes and would not work as a federal initiative, says the official who runs it.

Obama told Congress on Thursday in a major speech on jobs that the state-run Georgia Work$ initiative, along with other measures, would help people unemployed for more than six months and he stressed that Republican leaders in Congress supported it.

Sep 8, 2011

Georgia jobs program eyed as model has big flaws

ATLANTA (Reuters) – A jobs program in the southern state of Georgia, which could feature in President Barack Obama’s plan to fight unemployment, needs big fixes and would not work as a federal initiative, says the official who runs it.

The Georgia Work$ program to help the long-term unemployed has gained national attention as a possible model because it costs taxpayers relatively little and has been effective.

Aug 22, 2011

Southwest says plans radical changes for AirTran

ATLANTA (Reuters) – Low-fare carrier Southwest Airlines Co (LUV.N: Quote, Profile, Research, Stock Buzz) plans radical changes for AirTran, the company it acquired in May, chief executive Gary Kelly said on Monday.

The Dallas-based airline, the world’s largest in the low-cost sector, said it will also begin flights to and from Atlanta on February 12, 2012, with 15 daily departures and five nonstop flights including one between Atlanta and Dallas’ Love Field.

Aug 16, 2011

Agility pleads not guilty to U.S. fraud charges

ATLANTA, Aug 16 (Reuters) – Kuwaiti logistics firm Agility
(AGLT.KW: Quote, Profile, Research, Stock Buzz) pleaded not guilty on Tuesday to charges it defrauded
the U.S. government over multibillion-dollar supply contracts
during the war in Iraq, a senior company official said.

The case is politically sensitive in Washington and Kuwait
because Agility was one of the largest suppliers to the U.S.
Army in the Middle East during the war in Iraq and is accused
of overcharging over 41 months on $8.5 billion in supply
contracts.

Aug 12, 2011

Alabama county holds key bankruptcy decision meeting

BIRMINGHAM, Alabama (Reuters) – Officials from Alabama’s Jefferson County met on Friday to decide whether to file for the largest municipal bankruptcy in U.S. history over a $3.14 billion bond debt or pursue a deal with creditors.

If the southern state’s most populous county opts for bankruptcy, it could rattle the $3.7 trillion U.S. municipal bond market. A Chapter Nine filing would surpass the one declared by Orange County, California, in 1994. Since the 2007-2009 recession, fears of such bankruptcies have worried investors.

Aug 12, 2011

Alabama county starts bankruptcy decision meeting

, Aug 12 (Reuters) – Officials from
Alabama’s Jefferson County met on Friday to decide whether to
file for the largest municipal bankruptcy in U.S. history over
a $3.14 billion bond debt or pursue a deal with creditors.

The county’s five commissioners and its attorneys went into
executive session behind closed doors at 9 a.m. local time
(1400 GMT) to consider whether to accept a proposal by
creditors that include JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) on
restructuring and reducing the debt.

Aug 11, 2011

Alabama county creditors bid to defuse debt crisis

BIRMINGHAM, Alabama (Reuters) – Creditors made a fresh offer on Thursday to defuse a $3.14 billion bond debt crisis in Alabama’s Jefferson County and prevent the largest municipal bankruptcy in U.S. history.

Commissioner Joe Knight said the creditors, who include JP Morgan Chase, failed to agree to the figure set by the county for a reduction in its outstanding total debt in a potential sticking point to a deal.