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Troubled Teligent Enters Bankruptcy Proceedings As CEO Resigns

Expects To Conclude Sale Of Entire Business Or Core Assets By Early 2022

 
• By Dave Wallace

Teligent is pursuing an asset sale process to “maximize the value of the company” after entering into Chapter 11 bankruptcy proceedings in the US. The firm – which has also seen CEO Tim Sawyer resign – had been struggling of late with remediation issues to address a warning letter at its Buena manufacturing facility in New Jersey, as well as a recent recall.

Chapter 11 bankruptcy gavel
Teligent has begun Chapter 11 bankruptcy proceedings • Source: Alamy

Teligent has announced that it has entered Chapter 11 bankruptcy proceedings in the US and is pursuing an asset sale process intended to “maximize the value of the company,” in the wake of problems for the firm that have included manufacturing compliance issues at a key facility as well as a recent recall.

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