CFC Receives Regulatory Approvals From the BVI Government
October 23 2009 - 4:50PM
Marketwired
This week, the Minister for Communications and Works and the
Telecommunications Regulatory Commission of the British Virgin
Islands (BVI) approved the application of National Rural Utilities
Cooperative Finance Corporation (CFC) to acquire BVI Cable TV Ltd.
("BVI Cable") in connection with its agreement with the Chapter 11
Trustee of Innovative Communication Corporation (ICC). These are
the first transfer-of-control approvals ever granted under the
BVI's new Telecommunications Act.
"CFC has already received interim bankruptcy court approval,
U.S. antitrust clearance and now the BVI approvals. Once it
receives the remaining regulatory approvals, CFC will request
authorization from the bankruptcy court to proceed with the
transfer of control process and acquire and rehabilitate BVI Cable
and other ICC-owned companies in the U.S. Virgin Islands and Dutch
St. Maarten," stated CFC CFO Steven Lilly.
Last January, CFC announced that it would make a credit bid to
acquire the outstanding stock of BVI Cable and the other ICC-owned
companies. The credit bid is conditioned on approval of regulatory
authorities in the jurisdictions where ICC's businesses
operate.
ABOUT CFC
National Rural Utilities Cooperative Finance Corporation (CFC)
is a cooperative that serves the nation's rural utility systems.
With more than $20 billion in assets, CFC provides its
member-owners with an assured source of market-priced capital and
financial products and services. CFC can be found online at
nrucfc.org.
Contact: Mike O'Brien Vice President Corporate Communications
Email Contact 703-709-6709 Andrew Don Vice President Capital
Markets Relations Email Contact 703-709-6869
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