BURLINGTON, MASS. — American Broadband will not be coming to Rhode Island after all.
The telecommunications company that had planned to offer cable, high-speed Internet and telephone service to about 80 percent of Rhode Island households said the recent downturn in financial markets made it impossible to meet conditions necessary for construction certificates in the seven service areas it had intended to serve. ABI said it has informed the Division of Public Utilities and Carriers of its inability to meet those conditions.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Last month, ABI announced it no longer had backing of CIBC World Markets, a financial institution in New York, which nearly a year ago committed up to $150 million in senior debt financing. Also last month, the company said its equity capital partner, Great Hill Partners, which owns 83 percent of ABI, had put a promise of $50 million in equity capital on hold.
The photo shows an aerial view of the old trolley barn building at the Narragansett Brewery, which ABI had planned to occupy.
