HERNDON, Va.—Teligent Inc.’s lenders have agreed to resurrect and fund the company under a new name and business plan.
In November it seemed the bankrupt local multipoint distribution services carrier was finally dead after Teligent Acquisition Corp., the company formed to salvage the assets at that time, failed to raise enough money to do so. Now that money, plus additional funds raised in the past month, are going to be used toward establishing this latest, yet-to-be-named company.
Much like First Avenue Networks Corp., which bought and revamped Advanced Radio Telecom Corp.’s assets, the new Teligent venture is abandoning the retail space and instead will be a carrier for other carriers.
The deal is still awaiting approval of the Federal Communications Commission and the bankruptcy court.
Jim Continenza, chief operating officer of Teligent, is expected to be chief executive of the new company.
