For Release: January 19, 2010
Contact: Mike O’Brien (703) 709-6709, Andrew Don (703) 709-6869
Herndon, VA—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) 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 government for granting this approval,” CFC Chief Financial Officer Steven Lilly said.
CFC has already received 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.
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.