Teligent Reaches Deal to Access $12 Million Bankruptcy Loan

Generic drugmaker Teligent Inc. won approval to tap the remainder of a $12 million bankruptcy loan package, which will be used to continue marketing its business for a sale.

The approval, issued Tuesday at a hearing by Judge Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware, comes after the New Jersey-based company modified the loan terms as part of a deal with a committee of unsecured creditors that had concerns about their payouts.

The modified loan, issued by affiliates of Ares Capital, reduces the amount of pre-bankruptcy debt that can be rolled up into the Chapter ...