WASHINGTON — A federal bankruptcy judge has approved the restructuring and reorganization of the debt of the Connector 2000 Association, a beleaguered toll road operator in Greenville, S.C.

Judge David R. Duncan, whose court is in Spartanburg, S.C., approved the plan Friday, under which bondholders’ current debt — which contains current interest as well as zero-coupon bonds and was issued in 1998 — will be exchanged for new zero-coupon bonds as soon as next month.

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