Business Services Industry
VarTec Telecom Inc. reportedly can't pay on loans.
Knight Ridder/Tribune Business News, August, 2004
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Aug. 25--Troubled long-distance company VarTec Telecom Inc. has told a creditor that it can't make principal payments on $340 million in loans, according to a securities filing.
The National Rural Utilities Cooperative Finance Corp. classified its loans to VarTec as nonperforming after the Dallas company said it wouldn't be able to make payments due Aug. 31 and Nov. 30.
"Failure to make such payments constitutes an event of default under the credit agreement," the cooperative said in its annual report released Friday. "CFC believes it is doubtful that VarTec can continue to make regularly scheduled payments of principal... CFC is currently in negotiations with...
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