Generic drug maker Teligent Inc.'s bankrupt estate won court approval of a plan to liquidate and partially pay out lender Ares Capital Corp. and unsecured creditors’ claims.
The Buena, New Jersey-based company’s Chapter 11 wind-down proposal, hammered out in negotiations following sales of its U.S. and Canadian assets for $87 million, received approval during a virtual hearing Thursday in the U.S. Bankruptcy Court for the District of Delaware.
Teligent’s bankruptcy estate, liquidating under the name VJGJ Inc., defeated objections from McKesson Corp. and KeySource Acquisition LLC regarding payment of their creditor claims.
Judge Brendan L. Shannon said VJGJ had ...
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