Team Telecom Recommends Dismissal of America-CV Foreign Ownership Request
The FCC should dismiss a foreign ownership petition from America-CV Station Group without prejudice (see 2104270082) after an appeals court threw out the company’s bankruptcy reorganization, said the Committee for the Assessment of Foreign Participation in the U.S. Telecommunications Services…
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Sector in a letter to the FCC posted in docket 22-317 Thursday. The 11th Circuit U.S. Court of Appeals reversed the company’s bankruptcy plans after an emergency motion stripped three of the company’s shareholders of equity and allocated full ownership to the fourth, said an opinion earlier this month. “When a modification to a Chapter 11 reorganization plan materially and adversely affects the treatment of a class of claim or interest holders, those claim or interest holders are entitled to a new disclosure statement and another opportunity to vote,” said the ruling. When the FCC asked about the ruling, ACV “was unable to provide a complete and accurate answer as to what the post-decision ownership structure will look like,” said the letter. “The Committee is unable to perform a risk analysis when the ownership structure of the application under review remains significantly in flux.”