CFC Receives Regulatory Approvals From the FCC
December 08 2009 - 4:04PM
Marketwired
On Monday, December 7, 2009, the Federal Communications Commission
(FCC) unconditionally approved the transfer of control of
Innovative Communication Corporation's (ICC) operating subsidiaries
and assignment of related licenses to National Rural Utilities
Cooperative Finance Corporation (CFC) in connection with its
agreement with the Chapter 11 Trustee of ICC. The FCC recognized
that "CFC is financially committed to stabilizing and
rehabilitating the ICC networks" and that CFC's acquisition of
these companies will "serve the public interest, convenience, and
necessity." The FCC rejected all petitions to deny or condition the
approvals.
"These approvals move CFC one step closer to receiving the
required regulatory and bankruptcy court approvals. They also move
us closer to a time when CFC will be able to direct the operations
of ICC and its subsidiaries, make the necessary investments to
improve services and continue the Trustee's rehabilitation efforts
after a difficult period for telecommunications consumers in the
U.S. Virgin Islands," stated CFC CFO Steven Lilly.
CFC has already received U.S. antitrust approval and regulatory
approval from the government of the British Virgin Islands (BVI),
which was the first transfer-of-control ever granted under the
BVI's new Telecommunications Act. In January 2009, CFC announced
that it would make a credit bid to acquire the outstanding stock of
the 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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