[Wsssc] Fwd: Ciber update

[Jan Yoshiwara]

From: PRES-C [mailto:pres-c-bounces at lists.ctc.edu] On Behalf Of Marty Brown
Sent: Monday, April 10, 2017 10:19 AM
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Subject: [Pres-c] Ciber update
Importance: High


According to a Ciber press release, the company today announced that it filed voluntary petitions seeking relief under Chapter 11 of the United States Bankruptcy Code to initiate a process intended to accommodate an orderly going-concern sale of the Company's business operations.

Ciber has a commitment for up to $41 million in debtor-in-possession financing, subject to bankruptcy court approval, which is expected to provide the Company with liquidity to maintain its U.S. operations in the ordinary course of business during the Chapter 11 process.

So what does this mean for our project? We do not fully know that yet, but the presumptive purchaser has given general assurances that client services and contracted work will continue during the restructuring and sale.

Prior to the Chapter 11 filing, and subject to Bankruptcy Court approval, Ciber entered into a "stalking horse" Purchase Agreement with Capgemini<https://www.capgemini.com/>, a French company, to acquire substantially all of the assets of the Company in North America and India for $50 million in a sale process under the Bankruptcy Code that will be subject to higher and better offers. With more than 190,000 people, Capgemini is present in over 40 countries and celebrates its 50th Anniversary year in 2017.

Through this proposed transaction, Ciber's clients will benefit from the high levels of service Capgemini is known to provide its clients. Ciber's employees will benefit from joining a global leader in its markets.

Under the sale process provided by the Bankruptcy Code, notice of the proposed sale to Capgemini will be given to third parties and competing bids will be solicited. Ciber will manage the bidding process and evaluate the bids, in consultation with independent professional advisors and overseen by the Bankruptcy Court.

Ciber’s President and CEO said, "With the advice and support of outside advisors, we've explored multiple paths, including selling the Company outside the bankruptcy process, selling certain assets of the Company, and other transactions to restructure the balance sheet or raise capital, while also focusing on attempting to improve sales, reduce costs, and exit underperforming operations. After careful consideration of the alternatives available to maximize the value of the Company, it's become clear that the best path forward for the Company, its employees, customers and stakeholders is to accomplish a sale through the bankruptcy process. We are keenly focused on minimizing disruption to our customers, partners, and employees during the Chapter 11 process. The proposed sale will preserve jobs, ensure customers can benefit from continuity of services, and enable a smooth transition of Ciber's U.S. business to Capgemini or any other bidder providing a higher and better offer in accordance with Court approved procedures."

Ciber's Board of Directors has named a noted financial restructuring expert to help facilitate the Company's financial restructuring.
We’ll share more information as it becomes available; but we will continue with what we’re currently doing to remediate and move forward.  We can’t and won’t stop our work while this shakes itself out.


Marty Brown
SBCTC
360 704-4355 (o)
360 480-9687 (c)

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