Ciber filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Liquidation and related Disclosure Statement. According to the disclosure statement, “The primary objective of the Plan is to maximize the value of recoveries to all Holders of Allowed Claims and Allowed Interests and to distribute all property of the Estates that is or becomes available for distribution in accordance with the priorities established by the Bankruptcy Code. The Debtors believe that the Plan accomplishes this objective. The Debtors also believe that Confirmation of the Plan will avoid the lengthy delay and significant cost of conversion to and completion of liquidation under chapter 7 of the Bankruptcy Code….The Plan provides that, on the Effective Date, the Debtors’ remaining assets will vest in the Post-Effective Date Debtors and thereafter be transferred to Post-Effective Date CMTSU LLC, free and clear of all claims, liens, charges, or other encumbrances. Some of these assets may generate additional proceeds for distribution to Holders of Allowed Claims and Allowed Interests. These assets include, but are not limited to, the following: Cash remaining in the Debtors’ Estates on and after the Effective Date; the Debtors’ rights with respect to the Post-Effective Date Debtors’ Insurance Policies and any rights to assert claims with respect to such insurance policies; the Debtors’ rights with respect to the Post-Effective Date Debtors’ Retained Causes of Action and any proceeds generated therefrom, including, but not limited to, claims asserted against the State of Hawaii, Department of Transportation seeking damages of approximately $17 million.” The Court scheduled a September 25, 2017 hearing to consider the plan with objections due by September 15, 2017.
About Linzee Brown
Linzee Brown is the minority owner and President of New Generation Research, Inc. and has been with the firm since 2002. Linzee is responsible for the overall strategic direction and production of all of New Generation Research’s offerings including Bankruptcy Week, BankruptcyData.com, the Business Bankruptcy Filing Data service, The Bankruptcy Yearbook & Almanac, The Distressed Company Alert and The Turnaround Letter. Prior to joining New Generation Research, Linzee served as Vice President of Direct Marketing for ISM (Boston), a mid-sized strategic marketing company and prior to that he served as a Vice President for Harte Hanks Direct Marketing, one of the country’s largest direct marketing firms.