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Teligent gets reprieve 'til May 21

Mon, 05/14/2001 - 8:00pm
Anne Kerven

Teligent was granted another loan extension, this time until May 21. Originally due April 30, the loan's first extension expired today.

The waivers concern vendor financing of at least $250 million and $100 million in convertible notes.

"The company is currently in negotiations with The Chase Manhattan Bank and other lenders under the credit agreement regarding its financial position," Teligent says in a statement. Without an agreement before May 21, Teligent would be in default and said it may not be granted another waiver. The waiver is conditional on Teligent meeting specific spending limits.

The company's trading on NASDAQ was suspended Friday, and Teligent laid off about 900 employees that day.

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