Teligent gets extension of exclusive plan filing, solicitation periods

By Sarah Lizee

Olympia, Wash., March 3 – Teligent, Inc. secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the court extended the plan filing period through May 12 from Feb. 11 and the solicitation period through July 11 from April 12.

On Feb. 10, the company said in a motion that the extension would allow the debtors the time they need to formulate and negotiate a plan now that the debtors have transitioned into Chapter 11 and their sale process has ended.

However, on Feb. 23, the company said it had reached an impasse with its creditors, and it is now seeking conversion of its Chapter 11 bankruptcy case to Chapter 7.

A hearing on the conversion motion is scheduled for March 9.

Teligent is a Buena, N.J.-based specialty generic pharmaceutical company. The company filed bankruptcy on Oct. 14 under Chapter 11 case number 21-11332.

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