Vote on Burlington Telecom sale postponed until next week

Markets Associated Press

Officials in Burlington have postponed a vote to select a buyer for the city's ailing Burlington Telecom utility.

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The Burlington Free Press reports the Burlington City Council decided during a public meeting Monday night to postpone the final vote until next week. The Toronto-based telecom company Ting and Keep Burlington Telecom Local, a co-op, are the two finalists.

Citibank has threatened legal action against the city if it selects Keep Burlington Telecom Local as a buyer. Under a settlement from a 2014 lawsuit, Citibank is slated to receive a portion of the sale.

Councilor Max Tracy says he believes the settlement doesn't require the city to pick the highest bidder.

Mayor Miro Weinberger has lent vocal support for Ting's bid.

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Information from: The Burlington Free Press, http://www.burlingtonfreepress.com