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Ciber Chapter 11 Bankruptcy, 363 Sale Announced

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Ciber and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-10772. The Company, which provides information technology consulting, services and outsourcing, is represented by Mark Minuti of Saul Ewing.

According to the Company, this filing “initiates a process intended to preserve value and accommodate an orderly going-concern sale of the Company’s business operations.” Ciber has a commitment for up to $45 million in debtor-in-possession financing, which is expected to provide the Company with liquidity to maintain its U.S. operations in the ordinary course of business during the Chapter 11 process.

Prior to the Chapter 11 filing, and subject to Court approval, Ciber entered into a stalking horse purchase agreement with Capgemini to acquire substantially all of the assets of the Company in North America and India. In accordance with the sale process under Section 363 of the Bankruptcy Code, notice of the proposed sale to Capgemini will be given to third parties and competing bids will be solicited. Ciber will manage the bidding process and evaluate the bids, in consultation with independent professional advisors and as overseen by the Court.

Ciber’s president and C.E.O., Michael Boustridge, comments, “With the advice and support of outside advisors, we’ve explored multiple paths, including selling the Company outside the bankruptcy process, selling certain assets of the Company, and other transactions to restructure the balance sheet or raise capital, while also focusing on attempting to improve sales, reduce costs, and exit underperforming operations.” In order to help facilitate the Company’s financial restructuring, Ciber’s board named Jon Goulding, a managing director of Alvarez and Marsal, as C.R.O.

Read more Ciber bankruptcy news.

The post Ciber Chapter 11 Bankruptcy, 363 Sale Announced appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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