Bristol Virginia Utilities’ cable customers have a reprieve from a rate increase. Instead, facing a $1.8 million dollar revenue shortfall in the cable system, the board voted to borrow from internet service revenue to subsidize cable.
CEO Don Bowman said it will be a market type loan and will be repaid with interest. He also added BVU has legal clearance to do that.
The board also voted to move ahead to close on a partial sale of its Optinet division, to the private company, Sunset Digital. The board votes to move ahead on a partial sale, which will not initially include its Cumberland Plateau Planning District.
The assets are in four of the 10 counties served now by Optinet in southwest Virginia.
Cumberland has not consented to the sale to Sunset and is considered at least a short-term stumbling block to it.