Court grants Teligent two-week credit extension
Teligent received approval from a bankruptcy court for a two-week extension of its credit, which allows the company to continue operating, according to court documents.
Teligent filed for Chapter 11 bankruptcy May 21 and was delisted from NASDAQ June 7. Its chair resigned in late May, after less than a month on the job.
The extension, filed in the U.S. Bankruptcy Court for the Southern District of New York, also gave Teligent a permanent authority to pay select expenses from its available cash.
A Teligent representative did not return calls by CEDaily's deadline, nor did a court representative.