RTFC Files Legal Motion Seeking to Collect on Judgment.HERNDON, Va. -- Rural Telephone Finance Cooperative (RTFC RTFC Rural Telephone Finance Cooperative RTFC Real Time Fiber Communications RTFC Read The Flipping Code (polite form) RTFC Read The Film Credits RTFC Read the Freaking Card (polite form; Magic, the Gathering) ) today asked a bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. to allow enforcement of more than $520 million of judgments against subsidiaries of Emerging Communications, Inc. (Emerging). Emerging is the subject of bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party in Delaware and the U.S. Virgin Islands. RTFC was granted the judgments after loan defaults by Emerging's subsidiary Innovative Communication Corporation (ICC ICC See: International Chamber of Commerce ). The loans from RTFC were guaranteed by ICC's parent company, Emerging, and secured by ICC's stock, which RTFC holds as collateral. Emerging and ICC are parent companies of the Virgin Islands Telephone Corporation (Vitelco), whose stock RTFC also holds as collateral. RTFC filed its Motion for Relief from Stay and for Adequate Protection under Section 362 of the Bankruptcy Code Bankruptcy Code may refer to:
In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the District of the Virgin Islands. "RTFC is sensitive to the significant role that telecommunications plays in the U.S. Virgin Islands economy and the lives of its residents," said Steven L. Lilly, RTFC Senior Vice President and Chief Financial Officer. "One goal of RTFC is to assist and strengthen Vitelco and its telecommunications affiliates." RTFC has pledged to the U.S. Virgin Island's Public Services Commission and other government officials that it will abide by all federal and territorial statutory, regulatory, and other legal obligations pertaining to telecommunications and cable television businesses in the USVI USVI United States Virgin Islands USVI US Vision, Inc. (stock symbol) USVI United States Vegetation Index as it pursues its legal rights. About RTFC RTFC is a member-owned, not-for-profit lending cooperative created in 1987 to serve the financial needs of the rural telecommunications industry. With a membership of more than 500 rural cooperatives and companies across the United States and its territories, RTFC is committed to supporting the rural telecommunications industry. RTFC is a managed affiliate of the National Rural Utilities Cooperative Finance Corporation. |
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