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Ciber Bankruptcy Agreement Enforcement Sought

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Ciber Global (f/k/a HTC Global Ventures [HTC]) filed with the U.S. Bankruptcy Court a motion to authorize and enforce the terms of Ciber’s asset purchase agreement dated as of May 17, 2017, as amended.

The motion explains, “By this Motion, HTC seeks entry of an Order enforcing the terms of the APA. Debtors are attempting to avoid certain obligations under the Sale Order, the APA, and the Closing Certificate….Several issues with respect to the APA have arisen since the Closing. Despite HTC’s efforts to resolve these issues with Debtors without the need for litigation, these issues remain unresolved and are creating difficulties for HTC in the operation of its business.”

In addition, “Specifically, Debtors assert that the claim of at least one pre-petition creditor, Law Offices of Brikho & Kallabat, P.C., should be paid by HTC….Debtors assert that the additional claims of this creditor, and others in a similar position, are the responsibility of HTC. Debtors apparently base their argument on the alleged assumption and assignment of contracts with these creditors to HTC.” The Court scheduled a November 15, 2017 hearing to consider the motion, with objections due by November 8, 2017.

Read more Ciber bankruptcy news.

The post Ciber Bankruptcy Agreement Enforcement Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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