Burlington Telecom may have a buyer - WCAX.COM Local Vermont News, Weather and Sports-

Burlington Telecom may have a buyer

Posted: Updated:

Burlington Telecom may have a buyer.  

Multiple sources have confirmed to WCAX-TV that a local party has expressed interest in buying the troubled utility company from the city, and that the details will be discussed in executive session at an emergency Burlington City Council meeting Monday night.

Burlington Telecom recently finished a civil trial over the illegal transfer of $17-million in taxpayer funds to keep the struggling utility from collapsing.  And now a local party is looking to purchase the company's assets. The President and CEO of locally owned and operated Merchants Bank, Mike Tuttle, has confirmed to WCAX that the bank will be working with the group to finance the offer, and that any proceeds of the loan would go to extinguish the lease telecom has with Citibank. There is no indication that this deal would have an impact the $17-million taxpayer debt.

The Mayor's office declined to comment on the offer, but that has been part of the Mayor's overall plan to clean up the BT mess. It is not clear at this point if the offer being discussed Monday night is the kind of deal the city is looking for.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WCAX. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.