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Teligent Calls In The Cavalry As Warning Letter Threatens To Overwhelm

Debt-To-Equity Swap Of $77m Announced; Additional Liquidity Provided

 
• By Dean Rudge

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.

Cavalry Horses Army Battle
Teligent's outstanding funded debt has been reduced from $223 million at 30 June last year to approx. $105m • Source: Shutterstock

Struggling Teligent has announced a recapitalization plan with senior lenders and noteholders to strengthen its balance sheet while raising additional capital, with the primary goal of having the means to remedy a US Food and Drug Administration Warning Letter against its manufacturing facility in Buena, New Jersey.

Noteholders and lenders have eased some of the pressure on the US-based player by converting around $77m of total debt into equity, demonstrating, in Teligent’s view, “noteholders’ and lenders’

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