Ciber Files For Chapter 11 Protection

(RTTNews) - Ciber, Inc. (CBR) Monday announced that it and certain U.S. subsidiaries filed voluntary petitions seeking relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in the District of Delaware.

Ciber said it has a commitment for up to $45 million in debtor-in-possession financing, subject to bankruptcy court approval.

Prior to the Chapter 11 filing, and subject to Bankruptcy Court approval, Ciber has entered into a "stalking horse" Purchase Agreement with Capgemini to acquire substantially all of the assets of the Company in North America and India.

President and Chief Executive Officer Michael Boustridge said considering the alternatives available to maximize the value of the Company, it's become clear that the best path forward is to accomplish a sale through the bankruptcy process. Ciber's Board has named Jon Goulding as Chief Restructuring Officer.