Liquidation Plan and Disclosure Statement Filed by Ciber, Inc.
August 17, 2017 at 12:00 am EDT
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Ciber, Inc. filed a plan of liquidation with related disclosure statement in the US Bankruptcy Court on August 17, 2017. As per the plan filed, Administrative Claims of $0.27 million, Priority Tax Claims of $0.47 million, Professional Fee Claims of $4.15 million and U.S. Trustee Statutory Fees will be paid in full in cash. Other Priority Claims of $0.65 million will be paid in full. Holders of Secured Claims of $7,000 will either be paid in full or will receive collateral securing the claim. General Unsecured Claims will be allowed in the range of $25.21 million to $61.43 million and will recover in the range of 45% 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. all Interests in CMTSU Liquidation 2, Inc. shall be cancelled. All Interests in CMTSU Liquidation 3, LLC shall be reinstated. The plan will be funded from cash in hand and proceeds from sale of assets.
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.