Innovative Communication transferred to Caribbean Asset Holdings

By Caroline Salls

Pittsburgh, Oct. 6 - Innovative Communication Corp.'s transfer of control to National Rural Utilities Cooperative Finance Corp. subsidiary Caribbean Asset Holdings was completed on Wednesday, according to a news release.

The official transfer follows completion of required regulatory approvals and final bankruptcy court approval granted on Aug. 17 by judge Judith K. Fitzgerald.

The closing also comes after resolution of other proceeding in U.S. Virgin Islands courts.

According to the release, Caribbean Asset Holdings now owns Innovative's telecommunications operating divisions and subsidiaries, including local telephone company Virgin Islands Telephone Corp., St. Thomas Cable, St. Croix Cable and Vitelcom Cellular.

In order to ensure an orderly transition, the transfer of control of the Innovative companies located in the British Virgin Islands and St. Maarten will take place in the coming months, the release said.

In addition, National Rural Utilities has installed a new executive management team at Caribbean Asset Holdings.

This team is based in the U.S. Virgin Islands and led by Seth R. Davis, who will serve as the chief executive officer. He is joined by chief financial officer J. Robert Gary, senior vice president of network operations Terry Falls, senior vice president of sales, marketing and customer experience Michael D. Soileau and senior vice president of information technology Anna Marie Lanham-Brown.

This executive team has been secured under an agreement with FTI Consulting, Inc., which advised National Rural Utilities during the credit bid process.

"The CAH team recognizes the challenges that lay ahead for us, and we are ready to get to work alongside our valued Innovative employees to rebuild all the core components of this enterprise and better serve our customers," Davis said in the release.

Innovative, a St. Croix, U.S. Virgin Islands, holding company, had an involuntary bankruptcy petition filed against it on Feb. 10, 2006 in the U.S. Bankruptcy Court for the District of Delaware. The case was later transferred to the Virgin Islands. The case number is 06-30008.

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