the republic logo

Burlington reaches financing agreement on telecom network


BURLINGTON, Vermont — The City Council in Burlington, Vermont, has approved a financial partner to assist with a settlement regarding its troubled provider of television, Internet and phone service.

Last month, Burlington Telecom reached a $10.5-million settlement with creditor Citibank. In 2009, Citibank sued the city alleging fraud and breach of contract in an effort to recover part of the $33.5 million it advanced to build the Burlington Telecom network.

The city terminated the agreement in 2010 when it was unable to make payments on the debt.

The City Council on Wednesday approved an agreement with Trey Pecor, president of Lake Champlain Transportation and Vermont-based Merchants bank.

Mayor Miro Weinberger said the agreement calls for paying $6 million of the $10.5 million settlement as the city seeks a long-term buyer for the network.

Think your friends should see this? Share it with them!

All comments are moderated before posting. Your email address must be verified with Disqus in order for your comment to appear.
View our commenting guidelines and FAQ's here.

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)


Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.