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Teligent to cut jobs and file?

Thu, 05/10/2001 - 8:00pm
Anne Kerven

Teligent may announce today a 900-worker layoff, or 38 percent of its workforce, and potentially file for bankruptcy on Monday, Reuters reports. The troubled company may also shut down a third of its wireless network in the next few months.

Teligent recently ousted its CEO after IDT bought Liberty Media's 34 percent stake in it, was threatened with delisting, and received a May 15 loan reprieve from its creditors for the $350 million in vendor financing and convertible notes it owed by April 30.

CEDaily could not reach Teligent by deadline.

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