Given that, the county's only realistic choice would be to increase sales taxes, perhaps by a percentage point or so, dedicating the revenues to repaying bondholders.

Fiat retained the right to repay bondholders in cash instead of stock, and it plans to raise another $800 million through the sale of assets, including portions of its auto parts unit.

Under the plan, Orange County will fully repay bondholders, suppliers and employees while schools, cities and local agencies will count on lawsuits to recover the final 10 cents to 20 cents of every $1 lost.

Because all Port Authority revenues go into a general fund, the sale of a few properties does not affect the agency's ability to repay bondholders, analysts said.

The plaintiff, representing the bondholders claimed that the Austrian Government would be unjustly enriched if it decides not to repay bondholders.

There is no guarantee of how much money will remain to repay bondholders.

Triple A is the top investment grade rating, meaning that the issuer has an "extremely strong" likelihood of repaying bondholders.

For the plan to succeed, the county must still find buyers for $550 million in certificates of participation, new bonds whose proceeds will repay current bondholders, vendors and some other high priority debt.

Since a new tax was rejected as a way of repaying bondholders, the county and state agreed on a plan to take $15 million a year away from the county's transportation agency, which would mean sharp cuts in bus service.

Prime Minister Zhu Rongji of China said in Tokyo that he would urge the Hainan International Trust and Investment Corporation to repay Japanese bondholders.