USVI Public Services Commission Unanimously Approves CFC Acquisition of Vitelco, Innovative Cable TV
May 06 2010 - 1:58PM
Marketwired
The Public Services Commission of the U.S. Virgin Islands (PSC)
voted unanimously yesterday to approve the acquisition by National
Rural Utilities Cooperative Finance Corporation (CFC) of the Virgin
Islands Telephone Corporation (Vitelco) and Innovative Cable TV.
Upon final bankruptcy court approval of CFC's acquisition of these
and other businesses from the bankruptcy estate of Innovative
Communication Corporation (ICC), CFC will close the transaction to
own and manage ICC's operating businesses, including Vitelco.
"Today's approval of the transfer is the result of a lengthy and
thorough review by the PSC, its Hearing Examiner, and PSC staff and
its consultants," stated CFC Chief Financial Officer Steven Lilly.
"CFC is committed to operating a state-of-the-art
telecommunications system that will be an asset to the businesses
and residents of the Virgin Islands."
In January 2009, CFC announced that it would make a credit bid
to acquire the ICC-owned businesses from ICC, which remains in
Chapter 11 bankruptcy. Today's PSC approval represents the final
regulatory approval necessary for CFC to complete its acquisition
of the ICC businesses, as CFC has already received approvals from
other regulators, including the U.S. Federal Communications
Commission. The Chapter 11 Trustee and CFC will now request final
authorization from the U.S. Bankruptcy Court to consummate the
credit bid.
About CFC National Rural Utilities
Cooperative Finance Corporation (CFC) (NYSE: NRU) (NYSE: NRN)
(NYSE: NRC) 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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