ACTON <ATN> TO SELL UNIT FOR GAIN
Acton Corp said it has agreed to
sell its five Michigan cable television systems to Wisconsin
Cablevision Inc for about 9,500,000 dlrs, resulting in a gain
of about six mln dlrs.
    The company said the sale is subject to review by local
authorities.  The systems have about 7,500 subscribers.
    Acton said proceeds will be used to retire bank debt.
    The company said it has also entered into a 15.5 mln dlr
bank credit agreement that will allow it to complete the
prepayment of all its obligations to members of its present
bank syndicate.
    The company said the new credit will also allow it to
prepay some other debt and redeem its Class C Series Two
preferred stock.
    It said the new facility has allowed it to take full
advantage of an early payment discount of about 13 mln dlrs in
principal and interest which was negotiated with its banking
syndicate in connection with an April 1986 financial
restructuring.
 Reuter
