We’re down with OPP (on APT)
OPP being Other People’s Posts, of course. This time out, we’re talking about John Knox White’s recent post about the public workshop Alameda Power & Telecom is holding on Wednesday to discuss the future of the utility’s flagging telecom biz.
So what are the choices under consideration? A) Refinance the debt on the system and keep it as-is; B) refinance the system and expand it to include voice, or C) sell it and walk away.
So why are we talking about this now? Well, to back up for those of you who haven’t been closely following every wrinkle in the drama that has been the city’s cable operation, the deal is this: The system cost way more than the city expected it to, it isn’t making money, and pretty soon, AP&T is going to owe $33 million on the bonds it took out to pay for it (and that’s to say nothing of the $44 million the cable and Internet service owes the electric side of the biz).
AP&T staff have researched their three alternatives (see A, B and C above) and they’re slated to offer the information they’ve gathered for the PUB’s and the public’s consideration. No decision is expected to be made Wednesday night, but the information is expected to be the basis for the city’s determination about how this is going to be handled.
If you’re interested in attending, the meeting starts at 7 p.m. at the Albert H. DeWitt “O” Club, 641 W. Redline Ave. on the base. If not, we’ll probably be there, so check back here for the details on Thursday.
John’s got more, if you click over. And by the way, here’s a column from the Chron’s Chip Johnson on the telecom stuff from late March. It’s a good explainer.