CONCORD,CT Communications, which received more than $13 million as part of an asset sale, said Monday that it ahs reduced long-term debt by $20 million.
CTC gained $13.4 million when West Corporation acquired ITC Holding Company. CTC held a 4.4 percent equity stake in ITC. CTC announced the payment on May 14.
CTC said it used those proceeds and cash from operations to reduce its long-term debt to $90 million. CTC also said its debt was reduced further by the cancellation of a $17.7 million promissory note payable to WorldCom.