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Ciber requests 90-day exclusivity extension to avoid competing plans
By Caroline Salls
Pittsburgh, Aug. 4 – Ciber, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, Ciber is asking the court to extend its exclusive filing period by 90 days through Nov. 6 and the solicitation period through Jan. 5.
Since the sale of substantially all of its assets “that yielded significant proceeds for distribution to creditors” closed in early June, the company said it has been working to formulate, and ultimately implement, a plan of liquidation.
Additionally, Ciber said it must address about 600 filed claims in a total liquidated amount of roughly $150 million with the goal of maximizing recoveries for stakeholders.
“During the exclusive periods, the debtors will be reconciling and filing objections to claims, seeking to estimate large claims as appropriate and negotiating resolutions with claimants in order to make distributions on the effective date of the plan or as soon as reasonably practicable thereafter,” the motion said.
“Any disruption caused by the filing of a competing plan while the debtors are in the process of drafting and negotiating the plan would only distract the debtors and other parties in interest from making distributions and completing the Chapter 11 process.”
A hearing is scheduled for Sept. 19.
Ciber is a Greenwood Village, Colo.-based system integration and information technology services consulting company. The company filed bankruptcy on April 9 under Chapter 11 case number 17-10772.
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