Wireless telecommunications provider Teligent has emerged from Chapter 11 bankruptcy protection, the company announced Thursday.
Teligent, which slipped into bankruptcy in May 2001, provides transport services to other telecommunications carriers, broadband access services to companies with multiple locations and dedicated Internet access to corporations.
The company had a rough ride last year, piling up huge losses each consecutive quarter despite pulling in an impressive list of investors, such as Microsoft and Nippon Telegraph and Telephone (NTT) in Japan. Prior to entering bankruptcy, the company closed out fiscal 2000 with $1.21 billion in assets against $1.65 billion in debts.
Telecommunications companies have been particularly hard hit in the last year, bearing the brunt of the technology market meltdown.
Under its approved restructuring plan, Teligent exits bankruptcy without any debts, fully funded and holding all of its existing fixed-wireless assets, such as its spectrum licenses in 74 markets nationwide.
JPMorgan Chase, Bank of America and Toronto Dominion hold 100 percent of the stock of the privately held company. The financial institutions served as Teligent's former senior secured lenders.