A South Jersey specialty generic pharmaceutical firm has filed a motion to convert its chapter 11 bankruptcy filing to chapter 7, a move the company said would allow it to more rapidly wind down the business, the Philadelphia Business Journal reported. Teligent Inc., in documents filed at U.S. Bankruptcy Court in Delaware, said since filing for bankruptcy in October the company has engineered three separate sales transactions that generated about $88 million in cash proceeds. Despite its "best efforts to negotiate a consensual exit" from bankruptcy, Teligent stated in its motion, discussions between the company, its committee of unsecured creditors and the company's pre-petition secured lenders have "reached an impasse and mounting expenses continue to erode value for the [the company's] stakeholders." As a result, Teligent said that it has no choice other than to request the conversion. Teligent, of Buena in Atlantic County, N.J., filed for bankruptcy protection with assets of $89 million and debts of $135.8 million.
