O.C. Bankruptcy All but Over : Payback Time

Orange County on Wednesday sold $880 million* of bonds, the majority backed by its real estate assets, to repay debts from the 1994 bankruptcy. Recipients include:

(in millions)

Amount: $359

Obligation: Paying noteholders principal and interest

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Amount: $110

Obligation: Refinance pension obligation bonds

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Amount: $44

Obligation: Vendors

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Amount: $60

Obligation: Refinance existing debt

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Amount: $50

Obligation: Debt service reserve

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Amount: $50

Obligation: Litigation, mostly against Merrill Lynch

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Amount: $50

Obligation: Third-party accounts administered by the county, such as trusts

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Amount: $35

Obligation: Employees

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Amount: $25

Obligation: Consulting, legal fees related to bankruptcy

Source: Orange County

* Includes bond costs and other creditors