Teligent Calls In The Cavalry As Warning Letter Threatens To Overwhelm
Debt-To-Equity Swap Of $77m Announced; Additional Liquidity Provided
Teligent has achieved a “pivotal step in our journey toward securing a strong financial future,” according to management, after recapitalizing its significant debt burden and gaining access to more cash.
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After filing for Chapter 11 bankruptcy protection in October last year, Teligent has sewn up the sales of its Buena manufacturing site and ANDAs, with an auction process providing mixed results.
Opening bids totaling $64m have been submitted for bankrupt Teligent’s assets across the US and Canada, weeks after the injectables specialist entered Chapter 11 bankruptcy proceedings.
Teligent has followed through with plans to condense its outstanding shares to raise their value and maintain a stock-exchange listing. Meanwhile, the company revealed a sizeable loss for the first quarter of this year, as it gave the latest on its warning letter-stricken facility in Buena, New Jersey.