CFC Receives Regulatory Approvals From the Netherlands Antilles Government for Acquisition of ICC Businesses in Dutch St. Maarte
January 19 2010 - 2:32PM
Marketwired
On Wednesday, January 13, the Netherlands Antilles Minister of
Transport and Communications, the Honorable Maurice Adriaens,
granted unconditional consent for National Rural Utilities
Cooperative Finance Corporation (CFC) (NYSE: NRU) (NYSE: NRN)
(NYSE: NRC) to acquire Caribbean Teleview Services N.V. d/b/a St.
Maarten Cable TV and East Caribbean Cellular N.V. (ECC) in
connection with its agreement with the Chapter 11 Trustee of
Innovative Communication Corporation (ICC).
"CFC thanks the Netherlands Antilles government for granting
this approval," CFC Chief Financial Officer Steven Lilly said.
CFC has already received U.S. antitrust and Federal
Communications Commission approvals, as well as regulatory
approvals from the British Virgin Islands (BVI) government. CFC
awaits approval from the Public Services Commission of the U.S.
Virgin Islands (USVI). Once that approval is granted, the Chapter
11 Trustee and CFC will request authorization from the U.S.
Bankruptcy Court to consummate the transfer of control.
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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