Ciber filed with the U.S. Bankruptcy Court a motion to approve a compromise, and for an order approving and authorizing its entry into a settlement and release agreement by and among Ciber, CiberGlobal, Savvis Communications and CenturyLink Communications.
The motion explains, “Over the past several months, the Parties have engaged in extensive arm’s-length negotiations over, among other things, the termination of services under the Total Advantage Agreement, the partial assumption and assignment of the Master Services and Reseller Agreement, and the resolution of the CenturyLink Entities’ claims against the Debtors. As a result of these negotiations, the Parties reached agreement on the terms of the Proposed Settlement Agreement, which remains subject to Court approval and provides for, among other things, (a) the partial assumption by the Debtors and assignment to HTC of the Master Services and Reseller Agreement, (b) a cure payment by the Debtors to the CenturyLink Entities of $1,383,834.51, which HTC has funded via prepayment or will fund pursuant to the transition services agreement between the Debtors and HTC, and (c) the allowance of general unsecured claims in the aggregate amount of $388,358.47 in favor of various CenturyLink Entities. The Proposed Settlement Agreement also includes mutual releases by the Parties and provisions relating to the Debtors’ continued access to certain Designated Circuits pursuant to the Total Advantage Agreement.”
The Court scheduled a September 25, 2017 hearing to consider the compromise, with objections due by September 14, 2017.
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