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Ciber Bankruptcy Liquidation Analysis Filed

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Ciber filed with the U.S. Bankruptcy Court a liquidation analysis. The notice states, “The Liquidation Analysis was prepared solely to assist the Bankruptcy Court in making the legal determination required by section 1129(a)(7) of the Bankruptcy Code, and it should not be used for any other purpose….The first step in determining whether the best interests test has been satisfied is to determine the estimated amount of Cash that would be generated from liquidating the Debtors’ assets in Chapter 7. The gross amount of Cash available to the Holders of Claims against, and Interests in, the Debtors is the sum of the Cash held by the Debtors at the time of the commencement of the Chapter 7 cases. The second step is to satisfy secured claims (to the extent of the value of the underlying collateral) and administrative expenses associated with the Chapter 7 liquidation. The third step is to allocate any remaining Cash to Holders of Claims and Interests in accordance with the priorities set forth in section 726 of the Bankruptcy Code.”

In addition, “The Liquidation Analysis assumes that the wind-down of the Debtors will last for one year, during which time the assets of the Estates would be liquidated and distributed to creditors and, if applicable, interest holders, and certain litigation claims would be pursued. The Debtors’ cost of liquidation under Chapter 7 would include fees payable to a Chapter 7 trustee, as well as overhead costs and fees that would be payable to attorneys and other professionals in the Chapter 7 cases….As of the Conversion Date, the Debtors are assumed to have a Cash balance of $29,532,000. This amount is the result of (a) an estimated Cash balance of $39,112,000 on September 23, 2017, plus (b) $1,047,000 in Cash receipts that are estimated to be collected prior to the Conversion Date, less (c) $10,627,000 in expenses that are estimated to be incurred prior to the Conversion Date….Wind-down expenses deemed necessary to operate the Debtors during the pendency of the Chapter 7 liquidation include $465,000 in payroll and other benefits for employees who would be needed to help administer the liquidation and between $290,000 and $540,000 in other operating expenses….The Liquidation Analysis assumes that there will be between $45,024,000 and $71,871,000 in Allowed General Unsecured Claims on the Conversion Date.”

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The post Ciber Bankruptcy Liquidation Analysis Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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