Teligent announces terms of asset sale
Teligent announced Friday the terms of its sale, which will allow the company to continue offering fixed wireless communications services. Teligent filed for bankruptcy protection in May after a series of layoffs. In the deal, a new company will pay more than $115 million for Teligent's domestic fixed wireless business and assets. If financing comes through, the unnamed company will fund Teligent's operations in its 11 markets, including Boston, Chicago, Dallas, Los Angeles, New York, Philadelphia and Washington, DC. The old Teligent management will mostly run the new company. Teligent COO Jim Continenza will become CEO, and the senior management will remain intact except the new CFO, expected to be announced soon. IDT owns the largest stake in Teligent, or about 41 percent of voting shares, part of which it bought from Liberty Media for $37.5 million, compared with $1.4 billion spent by Liberty. Other investors include Microsoft and Japan's NTT.
The old Teligent management will mostly run the new company. Teligent COO Jim Continenza will become CEO, and the senior management will remain intact except the new CFO, expected to be announced soon. IDT owns the largest stake in Teligent, or about 41 percent of voting shares, part of which it bought from Liberty Media for $37.5 million, compared with $1.4 billion spent by Liberty. Other investors include Microsoft and Japan's NTT.