BRADENTON, Fla. — The restructuring plan proposed by bankrupt Jefferson County, Ala., represents a novel approach in public finance in that it anticipates issuing new bonds to redeem defaulted ones at a loss to investors, according to Moody's Investors Service.

The same approach is being pursued in bankrupt Detroit as well as Harrisburg, Pa., which is using the same tactic in a financial recovery plan, Moody's said Monday.

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