THE consortium of Citadel Holdings Corp. and Tan Holdings Corp. lacks financial data to back up their proposal to take over the operations of Verizon, according to the Commonwealth Telecommunications Commission.
Norman Tenorio, chairman of CTC, on Wednesday said the commission would require Pacific Telecom to supply additional information regarding the proposed transfer of license.
Verizon has a “natural” monopoly on local, long distance and wireless telecommunications services in the CNMI.
Anthony Mosley, Verizon’s acting general manager, said the company “is ready to supply the additional information needed by CTC.”
“This is a process that has requirements, and we are certainly cooperating with the commission in submitting information,” Mosley said.
Pacific Telecom submitted the purchase application on April 8.
In the course of its review, CTC found out that additional information—mostly financial data—is needed to be submitted before the commission could decide on whether to approve the application.
“The information they provided in the application package is incomplete, insufficient and not comprehensive. We’re working hard to review all the submissions, and we hope they will be able to supply the needed information,” Tenorio told Variety.
CTC postponed its meeting Thursday night, and re-scheduled it for May 16.
Verizon’s purchase deal had been snagged several times since last year, raising concerns about the seriousness of Pacific Telecom to take over the telecommunications firm.
J. Michael Fitzgerald, vice chairman of CTC, said the commission was likely to issue its decision on Verizon’s application for a permanent certification license to operate.
“There’s a good chance we will decide on it in the next meeting. The commission no longer has much problem with that application,” Fitzgerald said.
On Jan. 11, CTC issued Verizon a conditional authorization to operate and provide local telecommunications services in the CNMI.
The interim license, approved by the commission during its recent meeting, expires on Jan. 11, 2003.
