Group Wants to Buy Troubled Burlington Telecom - FOX44 - Burlington / Plattsburgh News, Weather & Sports

Group Wants to Buy Troubled Burlington Telecom

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BURLINGTON, Vt. -

A group of residents in Burlington want to create an organization to buy the city's troubled telecommunications utility.
 
The idea comes as city officials are hoping to settle a federal lawsuit aimed at reclaiming taxpayer money from the municipally-owned Burlington Telecom.
 
Vermont Public Radio reports business consultant Alan Matson is helping to organize the co-op effort called "Keep Our Telecom Local." He said he thinks Burlington Telecom is limited as a municipally-owned provider of cable and broadband Internet.
 
The city faces a significant budget shortfall related to Burlington Telecom. It spent $17 million of general fund money, which has contributed to a downgrade of the city's debt by credit ratings agencies.
 
Last month, voters passed a $9 million fiscal stability bond that will help the city refinance.

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