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Teligent AB Teligent has during 2008 implemented a number of activities to create prerequisites for profitability. The major loss making projects has been renegotiated with the purpose to limit Teligents future commitments and create a positive cash flow. These renegotiations has been successful and critical to Teligents survival
The Company has, during the spring, discussed future financing of the group with creditors and major shareholders. At the end of last week it was evident to the Board that these discussions to increase Teligents credit line had failed. The Board has therefore decided to apply for a reconstruction in line with the Swedish law about reconstruction of companies. The Board's view is that a capital injection from its shareholders will be needed for a successful reconstruction of the Company. As of today no external payments will be done from Teligent AB. One activity to be performed under the reconstruction is negotiations to reach an accord with Teligents suppliers to limit the company's liabilities.
It should be noted that it is only the "parent company" Teligent AB being directly impacted by the reconstruction process. The intension is that all subsidiaries generating its own cash flow will continue its business as usual under the reconstruction, one of them being Trio Enterprise, an expanding, profitable and stable part of Teligent. In summary it is the ambition of the Board, management and the appointed reconstructor to implement the reconstruction plan rapidly with minimal impact on ongoing customer deliveries
"This is an opportunity for Teligent, to in an efficient way implement necessary actions, to create a balanced financial situation. A reconstruction improves our position in renegotiating Teligents existing comittments" says Jan Rynning, chairman of the Board.
For further information
Jan Rynning Styrelsens ordförande Teligent AB Tel. +46 8 520 660 00
