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Ciber Bankruptcy Compromise Filed

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Ciber filed with the U.S. Bankruptcy Court a motion to approve a compromise and settlement by and among the Debtors and Zayo Group.

The motion explains, “Zayo currently asserts general unsecured claims against the Debtors’ Estates totalling in excess of $37 million. Zayo has also asserted that approximately $700,000 of this amount actually relates to post-petition services under the MSA and is thus entitled to administrative priority. Other than contingent, unliquidated litigation-based claims, Zayo’s asserted claim is the largest claim filed against the Debtors’ Estates.”

In addition, “The Zayo Settlement, which remains subject to Court approval, provides, among other things, that (a) Zayo shall have an Allowed Class 3 Claim against CMTSU Liquidation (f/k/a Ciber) in the amount of $27,750,000, (b) Zayo shall be deemed to have made the Class 3 Cash-Out Election and will thus only receive 35% of the allowed amount of its claim, and (c) Zayo shall waive the right to any other claims, including Administrative Claims. The Debtors believe that the Zayo Settlement represents a fair and reasonable resolution of the Parties’ disputes, and is in the best interests of the Debtors, their Estates, and all of their stakeholders.”

The Court scheduled a November 15, 2017 hearing to consider the settlement, with objections due by November 8, 2017.

Read more Ciber bankruptcy news.

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


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