LOS ANGELES (CN) - The successor to a company that provided cable installation and repair services for Time Warner Cable, Inc. says the cable operator has failed to pay more than $10 million owed.
Pacific Business Capital Corporation, the assignee of accounts of Wire to Wire Communications, Inc., said in a complaint filed in Superior Court that Time Warner has been in default of a "restated accounts receivable purchase and security agreement" since at least April of last year.
That 2005 agreement gave Pacific a first priority security interest in all of the cable company's assets including accounts receivable, the suit said.
The total amount due is $10,368,401 plus interest.
The complaint was filed by Bruce Osterstrom.
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