Ciber filed with the U.S. Bankruptcy Court a motion to extend by 90 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 6, 2017 and January 5, 2018, respectively.
The motion explains, “As the Court is aware, the Debtors consummated a Sale of substantially all of their assets in early June following a successful auction process that yielded significant proceeds for distribution to creditors. Since that time, the Debtors have been working diligently to formulate, and ultimately implement, a plan of liquidation (a ‘Plan’) that efficiently and effectively distributes the Debtors’ remaining assets, creates a post-effective date management and governance structure, and winds down the Debtors’ estates. Additionally, the Debtors must address approximately 600 filed claims in an aggregate liquidated amount of approximately $150 million with the goal of maximizing recoveries for the Debtors’ stakeholders.”
In addition, “The Debtors submit that the Exclusive Periods should be extended to allow the Debtors to continue to negotiate with parties in interest free from distractions caused by potential competing plans in order to obtain maximum creditor support….The Debtors seek an extension of the Exclusive Periods to create consensus with the Committee and other parties in interest to ensure that the Debtors can confirm the Plan, and have the Plan go effective, prior to the expiration of the Exclusive Periods. The Debtors believe that a consensual process will maximize recoveries to stakeholders and provide for distributions as quickly as possible.”
The Court scheduled a September 19, 2017 hearing to consider the extension motion, with objections due by August 18, 2017.
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