Lenders cut off a $28 million senior credit facility for Galaxy Telecom Inc.
-- a move one analyst called a possible effort to force the cable operator into
Galaxy told the Securities and Exchange Commission Jan. 24 that FleetBoston
Financial Corp. effectively cut off the credit facility because it failed to
make an interest and principal payment due Dec. 31. The bank said it would not
restart the credit line until the debt is paid in full or discharged.
Galaxy executives have been trying to sell the company for more than one
year. In the past year, three potential deals fell through.
The MSO has about 123,000 subscribers in 13 states.