Altrio Says It's Received Five Offers2/08/2004 7:00 PM Eastern
Southern California overbuilder Altrio Communications Inc. could be sold as soon as this week, according to CEO David Rozzelle.
Altrio, which delivers telephone, Internet and video services in Pasadena, Calif., ran out of money late last year and stopped adding new customers or building out its suburban franchises.
In addition to Pasadena, the company holds telecommunications franchises to build in Arcadia, Monrovia, Temple City, Sierra Madre and Altadena, Calif., and in another area within the city of Los Angeles. Rozzelle would not identify the potential buyers, other than to say they were not “traditional” cable companies.
Altrio has overbuilt Charter Communications Inc. and has franchises to compete in Adelphia Communications Corp. territories.
Asked if this would be a distressed sale, Rozzelle said, “There’s no question about that.”
Altrio has received “five qualified offers” from companies that plan to continue offering bundled services.
The executive would not disclose how many customers the closely held company currently serves, or the number of homes it passes. Altrio's board of directors will meet to review the offers this week.
If a buyer is selected, the new owner would need to obtain transfer approval from the local franchising authorities.