Monday May 14, 5:28 pm Eastern Time
Press Release
Teligent Granted Waiver of Bank Amendment Through May 21, 2001
VIENNA, Va.--(BUSINESS WIRE)--May 14, 2001--Teligent, a provider of broadband communications, today announced that it was granted a second waiver to an amendment and consent to its credit agreement with The Chase Manhattan Bank, Goldman Sachs Credit Partners, Toronto Dominion Bank and other lenders, providing an extension until May 21, 2001.
The company is currently in negotiations with The Chase Manhattan Bank and other lenders under the credit agreement regarding its financial position.
If Teligent does not reach an agreement with its lenders before the new May 21, 2001 deadline, the company will be in default under the credit agreement and there can be no assurance that Teligent would be able to obtain any additional waivers under the credit agreement. The effectiveness of the waiver is also conditioned on Teligent meeting a specific spending limit.
The company also announced today that the NASDAQ stock market halted the trading of its stock on Friday, May 11, 2001 at 9:03 a.m. Eastern Time until the company satisfies the NASDAQ's request for information. Teligent received notification from NASDAQ regarding this event on the same day that it terminated approximately 800 employees companywide in an effort to streamline costs.
About Teligent
Based in Vienna, Virginia, Teligent, Inc. is a provider of broadband communication services offering business customers local, long distance, high-speed data and dedicated Internet services over its digital SmartWave(TM) local networks in major markets throughout the United States.
The company is working with international partners to extend its reach into Europe, Asia and Latin America. Teligent's offerings of regulated services are subject to all applicable regulatory and tariff approvals.
For more information, visit the Teligent website at: www.teligent.com |
