BURLINGTON, Vt. (AP) - The city of Burlington, Vt., is looking at financing options for its troubled provider of television, Internet and phone service.
Last month, Burlington Telecom reached a $10.5-million settlement with creditor Citibank, which in 2009 sued the city for $33 million. The Burlington Free Press reports (https://bfpne.ws/1gUSZoJ) the lawsuit, plus an improper loan made to the telecom company by the administration of former Mayor Bob Kiss, are cited by Moody’s Investors Service as factors in its downgrades in the city’s bond ratings over the past several years.
Mayor Miro Weinberger said two financial institutions are being considered for interim financing. The financing is seen as a key measure in Burlington’s quest to find a private buyer for the utility.
Information from: The Burlington Free Press, https://www.burlingtonfreepress.com
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