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ECC parent company files for bankruptcy protection
by The Daily Herald
Posted: Aug 3, 2006 17:53 UTC
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PHILIPSBURG - Jeffery Prosser, owner of Innovative Communication Co. (ICC), parent company of local telecommunications company ECC/St. Maarten Cable TV, has filed for personal bankruptcy. The company has also filed for bankruptcy at the US Bankruptcy Court in the US Virgin Islands.
According to a report, Prosser’s assets and his debts exceeded US $100 million. The report stated that ICC had been battling against an attempt by other financial interests to force the firm into involuntary bankruptcy for most of the last six months.
The release stated that the company had worked out a secret deal with other forces, including its long-time banker Rural Telephone Finance Corporation (RTFC) and the Greenlight companies, formerly minority stockholders in ICC’s predecessor public company, to settle various disputes and keep ICC out of bankruptcy.
The report stated that the settlement had been sealed by the US Bankruptcy court in Delaware.
In a separate release, ICC Vice President of Corporate Affairs Holland L. Redfield II said that as a result of the ongoing dispute between Emcom and ICC-LLC with RTFC and Greenlight parties, Emcom and ICC-LLC had filed today for voluntary bankruptcy protection.
That release also stated that the filing “is a result of not being able to arrive at a financial settlement between these entities at this time.” Redfield reportedly also said that filing at this time was in the best interest of the company, but that they were still confident that a final settlement was possible.
He made it clear to employees of ICC and its subsidiaries that this would in no way affect their positions with the company and wanted to make it clear to the customers as well that this would not affect the services the various companies provide.
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