Court Approves Teligent Auction

Communications Today, Sept 5, 2001

A bankruptcy court approved last Friday a request by bankrupt telecom provider Teligent to hold an auction of its assets on Oct. 2. The U.S. Bankruptcy Court of the Southern District of New York said it could select a buyer of the company's assets as soon as Oct. 3.

Last week, Vienna, Va.-based Teligent said it had reached a deal with a new company backed by Teligent's upper management that would purchase its remaining assets for in excess of $115 million, provided that the new company receives additional financing. Teligent said the potential buyer's aim is to fully fund its current operations in the 11 markets it serves. >TK Hewlett-Packard [HWP]: Compaq Computer [CPQ]: Ericsson's [ERICY]: