Teligent Files For Chapter 11 Bankruptcy

(RTTNews) - Teligent Inc. (TLGT), a New Jersey-based specialty generic pharmaceutical company, said that it filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to pursue a sale process that is intended to maximize the value of the company.

The company began a marketing process ahead of the Chapter 11 filing to determine the level of market interest and is in ongoing discussions with several interested parties.

The company expects to consummate a sale of the entire business or its core assets by early 2022. Meanwhile, Teligent's Canadian affiliate, Teligent Canada, will be pursuing an out-of-court sale process.