Groton Utilities prepares to assume TVC debt as sale nears

Groton — In consecutive meetings Tuesday afternoon, the Groton Utilities Commission and Thames Valley Communications Board of Directors each unanimously approved companion resolutions authorizing the transfer of debt from TVC to Groton Utilities.

The move is a prelude to the sale of TVC to CTP Investors. The city signed a contract with CTP over the weekend. TVC is a municipally owned cable and Internet provider and a subsidiary of Groton Utilities.

At the time of closing, Groton Utilities will assume $27.5 million in debt from money the town borrowed for TVC capital expenses, along with another $11.3 million in accumulated TVC losses that remain unpaid.

TVC President Paul Yatcko said paperwork will not be signed until the closing. A date for the closing has not been announced.