expressed her appreciation for the assistance that the Department of Agriculture has provided to RTFC
, which facilitated this year's export shipment to the US through Eighth Wonder Inc.
RTFC was established in 1987 and is governed by a 10-member board of directors elected from its membership.
RTFC obtains funding through its affiliate, the National Rural Utilities Cooperative Finance Corp.
Throughout this difficult process," Lilly continued, "NRUCFC and RTFC have been resolute and patient in their efforts to be repaid and have remained unwavering in their underlying mission to provide capital for rural infrastructure.
All of these developments are good news for the residents of the Virgin Islands," said former Senator Roosevelt David, who has been working with NRUCFC and RTFC in the Virgin Islands since last August.
We feel like the final roadblocks in the loan recovery process are being removed," said CFC and RTFC CFO Steven Lilly.
As of May 31, 2007, RTFC had $493 million in credit extended to New ICC and an unsatisfied court judgment in excess of $524 million against New ICC.
is a privately funded, member-owned cooperative finance organization that provides financing exclusively to America's rural telecommunications industry.
These are additional positive developments in this protracted proceeding," said CFC and RTFC CFO Steven Lilly.
New ICC has not made debt service payments to RTFC since June 2005.
also holds an unsatisfied court judgment of $100 million against Jeffery Prosser, who has been in control of New ICC.
While exceptions may be made based on other aspects of a given transaction, following are some of the yardsticks RTFC
uses to measure a borrower's debt capacity: