New Delaware Chapter 11 Filing – Ciber, Inc. 17-10772 (BLS)

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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.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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