Ciber, Inc. (CBR)

[finesand]

Ch11 filed. They would have sold whole company to Ameri100 incl. debt obligations of course, if they still would have been willing to buy.
Instead, they have a stalking horse bid at $50M for their remaining NA and India assets only.
Adding the DIP loan, $29M WF + $41M WF-DIP = $70M would need to be matched to pay off both. However, what would be left to common SH after even NA assets are sold?
Only value would be a complete buyout of company, i.e. paying SH cash or shares of buyer.
Further, NYSE may delist CBR now, since they usually don't hold BK companies. This would make them far less attractive to a buyout used for uplisting.
And yes, Ameri100 is highly likely out as stated above, otherwise BK would not have been utilized. Cheap asset sales ahead.