SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
-----------------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Event Reported):
January 23, 2002
-----------------------------------------
TELIGENT, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of incorporation or organization)
000-23387 54-1866562
---------------------- ------------------------------
(Commission File Number) (IRS Employer Identification No.)
460 Herndon Parkway
Suite 100
Herndon, Virginia 20170
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code (703) 326-4400
Item 5. Other Events
On January 23, 2002, Teligent, Inc. (the "Company") issued a press release
announcing that the Company's senior lending group supports a plan to utilize
collateral proceeds to fund a successor company. The emergence of the successor
company is subject to legal approvals, including those of the U.S. Bankruptcy
Court and federal and state regulators, as more fully described in the press
release, a copy of which is filed as Exhibit 99.1 hereto and which information
is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Press release, dated January 23, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TELIGENT, INC.
Dated: January 29, 2002 By: /s/ Stacy R. Dees
----------------------
Name: Stacy R. Dees
Title: Assistant Secretary
EXHIBIT INDEX
Exhibit Number Description
- -------------- -----------
99.1 Press release, dated January 23, 2002.
EXHIBIT 99.1
Teligent Announces Lender Support for Fixed Wireless Successor Company
HERNDON, Va.--(BUSINESS WIRE)--Jan. 23, 2002--Teligent Inc., a provider of
facilities-based fixed wireless services, announced today that Teligent's senior
lending group supports a plan to utilize collateral proceeds to fund a successor
company with the mission of providing fixed wireless services, including private
line, transport, and wholesale services, in addition to resold services, in all
of Teligent's 74 markets.
The successor company, expected to be directly or indirectly owned by Teligent's
senior lenders, will be operated by Teligent's existing senior management team.
The successor company is expected to have sufficient assets and funding to reach
positive cash flow within approximately two years.
The emergence of the successor company is subject to legal approvals, including
those of the U.S. Bankruptcy Court and federal and state regulators.
Jim Continenza, Teligent's current COO, is expected to assume the role of CEO of
the successor company. "Our senior lenders have placed a vote of confidence in
our approach and ability to leverage the assets and grow this business, " said
Mr. Continenza. "We believe the new company will have sufficient financial
resources to aggressively pursue a variety of service opportunities,
particularly wholesale, that leverage the speed, flexibility, and cost
advantages provided by our fixed wireless technology."
Teligent voluntarily filed for Chapter 11 bankruptcy on May 21, 2001, and is in
the process of selling much of its retail related assets. Teligent recently
announced the sale of assets of a subsidiary company, Executive Conference Inc.,
for approximately $60 million.
ABOUT TELIGENT
Based in Herndon, Virginia, Teligent, Inc. is a provider of fixed wireless
broadband communications offering business customers facilities-based fixed
wireless services, including private line, transport, and wholesale services, in
addition to resold services. Teligent's offerings of regulated services are
subject to all applicable regulatory and tariff approvals. 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 U.S. Bankruptcy Court, the FCC, DOJ, and state
regulatory agencies; 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 products and services, when required; 8) the ability of the company to
adjust to rapid changes in technology and to prevent misappropriation 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.