Teligent Completes Its Reorganization -- Company Exits Bankruptcy Fully Funded and Debt Free.Business Editors/Hi-Tech Writers HERNDON, Va.--(BUSINESS WIRE)--Sept. 12, 2002 Teligent, Inc (Teligent), a leading nationwide provider of fixed-wireless broadband services, announced today that its Plan of Reorganization, which was confirmed on September 5, 2002 by the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , became effective on September 12, 2002 thereby marking Teligent's formal emergence from Chapter 11. Under the terms of the Plan, Teligent exits bankruptcy 100% debt free, fully funded and with all of its existing fixed-wireless assets intact, including expansive spectrum licenses in 74 U.S. markets. The restructured company will be privately held with Teligent's former senior secured lenders, including JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. , Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , and Toronto Dominion, owning 100% of the stock. The existing management team, which was in place since May 2001 and in charge of streamlining Teligent's operations and successfully guiding the company through the Chapter 11 process, will be responsible for executing the new business plan. With its fixed-wireless assets, Teligent will provide transport services The collective functions of layers 1 through 4 of the OSI model. to other carriers, point-to-point broadband access See broadband and wireless broadband. services to multi-location businesses, and dedicated Internet connectivity to enterprise companies. Teligent's services will be utilized for both primary and redundant access. "While this has been a very long and difficult road, we are extremely pleased to complete our reorganization." said Jim Continenza, Teligent's Chief Executive Officer. "I would like to reiterate my gratitude to our customers, employees, and creditors, whose support has been critical to completing this restructuring process. We are very excited about moving forward and executing our new business plan." About Teligent Based in Herndon, Virginia Herndon is a town in Fairfax County, Virginia, United States. The population was 21,655 at the 2000 census, which makes it the largest of three towns in the county.[1] History , Teligent, Inc. is a leading nationwide provider of fixed wireless broadband High-speed wireless transmission of data. What is "high" speed is always a changing number. Wireless systems are typically slower than land-based, wireline networks. In the past, wireless broadband started at 250 Kbps, whereas land-based broadband was generally considered to start at T1 services offering business customers facilities-based fixed wireless services, including wholesale transport, private line, dedicated Internet access, and long distance. For more information, visit the Teligent website at: www.teligent.com Teligent is a registered trademark of Teligent, Inc. Except for any historical information, the matters discussed in this press release contain forward-looking statements that reflect the company's current views regarding future events. These forward-looking statements involve risks and uncertainties that could affect, among other things, the company's growth, operations, markets, products and services. The company cannot be sure that any of its expectations will be realized. Factors that may cause actual results, performance or achievement to differ materially from those contemplated by its forward looking statements include, without limitation: 1) the success of the company in negotiating with lenders and other creditors; 2) obtaining legal approvals, including those of the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. and state regulatory agencies state regulatory agency A state body responsible for establishing professional standards, and for certifying professionals or organizations through appropriate documentation ; 3) the volatility of the market, including changes in the valuations of other telecommunications and fixed wireless telecommunications companies; 4) the company's ability to successfully implement its new business plan; 5) the ability of the company to hire or retain qualified personnel to operate its business; 6) the impact of changes in telecommunication laws and regulations; 7) the success the company has in gaining regulatory approval for its regulated products and services, when required; 8) the ability of the company to adjust to rapid changes in technology and to prevent misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of its technology; 9) the intensity of competition in the markets in which the company provides services and its ability to attract and retain a sufficient number of revenue-generating customers in such markets; 10) the reputational harm caused by a bankruptcy filing; 11) the company's ability to obtain access to new building locations; 12) general economic conditions and the condition of the financial markets, particularly within the communications and technology sectors which have historically been extremely volatile; and 13) other factors discussed in the company's filings with the Securities and Exchange Commission. |
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