New Delaware Chapter 11 Filing – Ciber, Inc. 17-10772 (BLS)
Colorado-based Ciber, Inc., (NYSE: CBR), a leading global IT consulting services and outsourcing company, and two of its affiliates, has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 17-10772). The petition lists between $50-100 million in both assets and liabilities. The Debtors are entering chapter 11 with Capgemini as the stalking horse. According to the First Day Declaration, in 2016, Ciber began to divest all of its non-core assets to improve and preserve liquidity. The Debtors filed for chapter 11 in an effort to sell its remaining business pursuant to an expedited sale process. Wells Fargo, a prepetition secured lender has agreed to provide DIP Financing. The Debtors have filed a Bidding Procedures Motion seeking approval of Capgemini as the Stalking Horse Bidder and to undertake a post-petition marketing process. Prime Clerk is the proposed claims agent. The Honorable Brendan L. Shannon will preside over these cases.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.
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