Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Free Newsletter Sign Up

Teligent’s Chapter 11 Plan Would Pay Lender Ares $32.6 Million

April 11, 2022, 9:05 PM

Generic drug maker Teligent Inc. proposed a Chapter 11 plan to liquidate following an asset sale and pay its creditors a fraction of what they’re owed.

The Buena, New Jersey-based company would pay $32.6 million to affiliates of its chief lender Ares Capital Corp., under a proposed confirmation plan filed on Friday. That would be 36% of Ares’ $90.2 million in estimated claims against the company, the proposal said.

Unsecured creditors would recover $1.5 million of an estimated $14 million in claims, according to the plan’s disclosure statement.

The plan has support from the committee of unsecured creditors. A ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.