Ciber Chapter 11 Bankruptcy Filing: Selling Off Assets
Ciber, faced with heavy debt, has been exploring strategic alternatives for some or all of the business since October 2016. The company over the past two months sold its German and Denmark businesses to Allgeier; its Spain operations to ManpowerGroup; and its Infor practice to Infor.In a prepared statement, Ciber CEO Michael Boustridge 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."