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November 5, 2009

Transfer of Vitelco, Innovate Cable Could Impact V.I. Ratepayers

From the St. Thomas Source:

What charges might go on the balance sheets of local utilities was a major concern of V.I. Public Services Commission (PSC) consultants as formal testimony in transfer-of-control hearings for Vitelco phone and Innovative Cable TV companies wound up Wednesday evening.

The phone and cable companies, which are regulated by the PSC, are solvent. But their parent companies, which can be collectively called Innovative Communications or ICC, have been in bankruptcy since July 2006. National Rural Telephone Finance Corporation is the biggest creditor, and its financial arm, National Rural Utilities Cooperative Finance Corporation (CFC), is seeking PSC approval to assume ownership of the regulated utilities.