Teligent seeks second exclusivity extension as plan hearing nears

By Sarah Lizee

Olympia, Wash., May 11 – Teligent, Inc. is seeking a second extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company asked the court to extend the plan filing period through Aug. 10 from May 12 and the solicitation period through Oct. 10 from July 11.

Teligent recently received approval of the disclosure statement for its Chapter 11 plan, and the confirmation hearing is scheduled for May 25.

The company said that following of the sales of its assets, it has negotiated with its official committee of unsecured creditors, senior secured parties and other parties in interest concerning the plan.

“Accomplishing these tasks has been a labor-intensive process, fully occupying the debtors’ representatives and professionals for the approximately six months that the Chapter 11 cases have been pending,” the company said in its motion.

“In light of these circumstances, the debtors submit that the requested extensions are both appropriate and necessary to afford the debtors sufficient time to seek confirmation of the plan.”

Teligent is a Buena, N.J.-based specialty generic pharmaceutical company. The company filed bankruptcy on Oct. 14, 2021 under Chapter 11 case number 21-11332.

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