The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Ciber, Inc. on May 2, 2017. The Court approved the sale of debtor’s substantially all of the assets relating to North American business along with 100% of the capital stock in wholly owned non-debtor subsidiary CiberSites India Private Limited through an auction to the highest and best offer at auction. The Court also approved the stalking horse agreement with Capgemini America, Inc. for a purchase price of $50 million plus assumption of certain liabilities. All interested bidder must submit the bids by May 15, 2017. The initial minimum overbid should be at least $1 million more than the initial purchase price plus breakup fee of $1.5 million and expense reimbursement of up to $0.5 million. The auction will take place on May 17, 2017. The sale order hearing will be held on May 19, 2017. The sale would close by May 24, 2017. The stalking horse bidder will deposit cash amount of $5 million into escrow account. The staking horse bidder is entitled to receive a breakup fee of $1.5 million and expense reimbursement of up to $0.5 million in case of termination of agreement. At auction, the subsequent bids in increments of $0.5 million. All interested bidders shall deposit 10% of the purchase price into escrow account.
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.