Lender Teligent rejects Creditor Group’s offer to recover money

By Jeannie O’Sullivan (February 8, 2022, 3:00 PM EST) – A lender to bankrupt generic pharmaceutical company Teligent Inc. has slammed an unsecured creditor bid for a derivative to recover a $10 million reserve fund. dollars, insisting that the debtor did not suffer any prejudice in satisfying the loan agreement.

In a Monday filing, ACF FinCo I LP told a Delaware bankruptcy judge to deny the motion of the official unsecured creditors’ committee because Teligent’s own refusal to pursue claims against the lenders speaks for itself. The committee wants to be able to accuse ACF and other Teligent lenders of improper maneuvers to fill their own coffers as the debtor’s insolvency looms.

Payment by Teligent of…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Comments are closed.