BRADENTON, Fla. – Jefferson County, Ala.’s top bankruptcy attorney said a report by Moody’s Investors Service showing that the county’s bondholders will have lower recoveries than the county anticipates is “unfair.”

Jefferson County filed for Chapter 9 bankruptcy in November 2011 with $4.2 billion in warrants, which are similar to bonds. Of that debt, $3.1 billion is in defaulted sewer system warrants. Creditors are currently voting on the plan of adjustment, and ballots must be returned by Oct. 7.

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