As reported in this week's "Fair Game", Burlington Telecom is seeking approval to make a February 17 payment to CitiLeasing on the order of $390,000.
It was also noted that BT was prepared to make the payment from its current cash flow and not borrow any money from the city's "cash pool."
Guess what? BT officials told Seven Days today that, in fact, they may need to borrow an undisclosed amount of money from the cash pool. However, BT claims it will be able to repay the money within 60 days, per the conditions of their certificate of public good.
Where have we heard that before?
In November, BT borrowed about $265,000 from the cash pool to cover some operating expenses and a portion of their lease payment, according to Chris Burns, BT's general manger.
In their pleading to the Public Service Board, BT argues that it "plans to have sufficient funds to make a portion of these payments, but may need to access pooled cash for the remainder. As just stated, however, BT will have sufficient receivables to repay pooled cash within 60 days."
The PSB hearing is slated for 1 p.m. Thursday in Montpelier. On Friday morning, Chittenden Superior Court Judge Helen Toor will preside over a hearing where two Burlington residents are seeking a temporary restraining order against BT from spending any more money — in particular the Feb. 17th interest payment.
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