Teligent, Inc. (NASDAQ: TLGT) stock declined by 39.56% at last close while the TLGT stock price plunge by 7.50% in the pre-market trading session. In the United States, they offer a growing range of FDA-approved medications, including numerous generic equivalents. Prescription medications are available in both injectable and topical forms. All of their items are released by their quality employees in Buena, New Jersey before they are shipped to pharmacies and hospitals.
TLGT stock’ Important Update
Teligent, Inc. stated that it has entered for voluntary bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in order to pursue a sale process that will enhance the Company’s value.
TLGT initiated a marketing effort ahead of the Chapter 11 filing to gauge market interest and is now in talks with a number of potential buyers. By early 2022, the Company aims to complete a sale of the entire firm or its key assets. Meanwhile, Teligent Canada, Teligent’s Canadian subsidiary, will pursue an out-of-court transaction.
Also,
Teligent has hired Vladimir Kasparov, Managing Director of Portage Point Partners, as Chief Restructuring Officer in conjunction with the filing. Working directly with the Teligent leadership team, Mr. Kasparov will operate the company and its transformation process in order to execute the Company’s business plan and undertake a value-maximizing sale process. Mr. Kasparov has extensive expertise handling difficult financial and operational restructurings, including interim management and moving into officer responsibilities to maintain and generate value during restructurings and turnarounds.
Furthermore,
Bradley E. Scher was added to the Company’s Board of Directors, bolstering the Board’s restructuring experience. Mr. Scher founded Ocean Ridge Capital Advisors, LLC and has worked in a range of disaster and interim management roles. Tim Sawyer, the company’s CEO, and Philip Yachmetz, the company’s Chief Legal Officer and Executive Vice President, both resigned on October 8, 2021.
