Teligent says stalled plan talks make liquidation best option

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By Rick Archer (February 24, 2022, 7:07 PM EST) – Bankrupt generic pharmaceutical company Teligent Inc. has told a Delaware bankruptcy judge that there remains an impasse in talks over a restructuring plan and expiration its authorization to use cash collateral. no choice but to pivot into liquidation.

In a motion filed late Wednesday, Teligent asked the court to convert its Chapter 11 case to a Chapter 7 liquidation, saying it had been unable to reach an agreement with its creditors on a reorganization plan. and that “growing expenses” were eating away at its remainder. assets.

“As a result, and without the consensual use of cash collateral to fund a…

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