Burlington Telecom to discuss its progress after settlement with creditors

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BURLINGTON, Vermont — Burlington's mayor and the general manager of Burlington Telecom are going to talk about progress at the provider of television, Internet and phone service following a settlement with creditors.

In November, an agreement was reached for its sale and agreement to lease its services and assets back to the city.

A news conference was planned for 3 p.m. Tuesday at Burlington Telecom.

Last year, 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 money 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.

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