Amended Liquidation Plan and Disclosure Statement Filed by Ciber, Inc.
September 20, 2017 at 12:00 am EDT
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Ciber, Inc. filed an amended plan of liquidation with related disclosure statement in the US Bankruptcy Court on September 20, 2017. As per the amended plan filed, Other Priority Claims of $0.03 million will be paid in full. General Unsecured Claims will be allowed in the range of $26.9 million to $53.75 million and will recover in the range of 37% to 100% of the allowed claim. General Unsecured Claims will receive distribution from the General Unsecured Claims Reserve. Interests in CMTSU Liquidation, Inc. shall be entitled to retain such Interests and receive its Pro Rata share of Cash, if any, from the Remaining Funds and per share recovery shall be between $0 to $0.023. The treatment for all other claim classes in the plan remains same. The debtor filed its solicitation version of plan and disclosure statement in the Court on October 2, 2017. As per the plan, there is no change in treatment of various claimant classes.
CMTSU Liquidation, Inc., formerly Ciber, Inc., is a global information technology (IT) services company. The Company operates in two segments: North America and International. Its Ciber International segment primarily consists of countries in Western Europe and the Nordic region. Its North America segment is organized into service offerings, which include Independent Software Vendor Relationships (ISV)/Channel Partner Platforms, Managed Services, Business Consulting, Application Development and Management/Staffing, and Software-as-a-Service. It provides project management, application and technical consulting, and database administration for both implementation projects and managed-services engagements. It also provides a solution, Ciber Compliance Suite, which helps SAP customers monitor the usage of their SAP systems. Its business consulting offering helps clients manage their business by offering expertise in IT strategy, enterprise architecture and vertical business processes.