Friday, October 30, 2009

BVI Government to Give Regulatory Approval to CFC

The Minister for Communications and Works of the British Virgin Islands and the Telecommunications Regulatory Commission have approved the application of National Rural Utilities Cooperative Finance Corporation (CFC) to acquire BVI Cable TV Ltd.

National Rural Utilities Cooperative Finance Corporation is a cooperative that serves BVI rural utility systems, providing its members with an assured source of market-priced capital and financial products and services. The company has more than $20 billion in assets. Last January, CFC announced that it would make a credit bid to acquire the outstanding stock of BVI Cable and other companies owned by the Innovative Communication Corporation (ICC).

The credit bid is conditioned on approval of regulatory authorities in the jurisdictions where ICC's companies are operating. Prior to receiving the approval of BVI authorities, CFC had already received interim bankruptcy court approval and U.S. antitrust clearance approval. After receiving the remaining approvals, CFC will apply to the bankruptcy court for authorization to proceed with the transfer of control process, acquire and rehabilitate BVI Cable and other ICC-owned companies in the U.S. Virgin Islands and Dutch St. Maarten.

No comments: