BRADENTON, Fla. - Jefferson County, Ala., commissioners today will be asked in a special meeting to extend forbearance agreements on the county's ailing sewer system debt delaying payments until Feb. 20, 2009.

Alabama's largest county has been negotiating since February on ways to restructure approximately $3.2 billion of warrants, most of which is in troubled variable- and auction-rate securities covered by more than $5 billion of upside-down swaps. Warrants are similar to bonds.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.