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December 14, 2009

FCC Approves Sale of Vitelco and Innovative to Former Lender

From the St. Thomas Source - the Innovative/Vitelco mess is still being cleaned up:

"The Federal Communications Commission has approved the sale of Vitelco and its related firms to the National Rural Utilities Cooperative Finance Corporation (CFC), the specialized bank for rural utilities that originally lent former ICC owner Jeffrey Prosser and his corporations more than half a billion dollars. This is just one of several such governmental clearances before the transfer of the phone company, once owned by the now bankrupt Prosser, can be finalized."

Comments

I thought ATN would wind up with Innovative in the end. Maybe it will still happen, unless there are competition issues.

Posted by: Anthony at December 14, 2009 7:01 AM