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FELPS writes off Stelera debt
Wilson County NewsNovember 6, 2013 | 2,253 views | 2 comments
Bad debt totaling $2,415 related to the bankruptcy of Internet provider Stelera Wireless has been written off by Floresville Electric Light & Power Systems’ (FELPS) board of directors.
The board approved the bankruptcy charge off during its Oct. 30 meeting. FELPS General Manager Kyle Dicke attributed the debt to bills left unpaid by the Oklahoma City-based Stelera Wireless. The wireless Internet company, which had a customer base in Wilson County, filed for Chapter 11 bankruptcy in July.
According to an article on newsok.com, Stelera reported $30 million in debts against $18 million in assets, and the company still owed $24 million of a $35 million loan it received from the U.S. Department of Agriculture that was part of stimulus funds the company received under the American Recovery and Reinvestment Act of 2009.
The article, dated Oct. 15, also indicates that Verizon Wireless purchased Stelera’s wireless spectrum rights for $32.2 million at a bankruptcy auction.
For more on the FELPS meeting, see related article page 3A.
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