A biodegradable, substantially continuous filament is provided. The filament contains a first component formed from at least one high melting polyester and a second component formed from at least one low melting polyester. The low melting point polyester is an aliphatic-aromatic copolyester formed by melt blending a polymer and an alcohol to initiate an alcoholysis reaction that results in a copolyester having one or more hydroxyalkyl or alkyl terminal groups. By selectively controlling the alcoholysis conditions (e.g., alcohol and copolymer concentrations, catalysts, temperature, etc.), a modified aliphatic-aromatic copolyester may be achieved that has a molecular weight lower than the starting aliphatic-aromatic polymer. Such lower molecular weight polymers also have the combination of a higher melt flow index and lower apparent viscosity, which is useful in the formation of substantially continuous filaments.