BearingPoint, Inc (fka BGPTQ)

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BearingPoint Closes Sale of Public Services Business to Deloitte
Company's Public Services Contracts and Employees to Transition to Deloitte; Court to Review Sale of BearingPoint's Commercial Services Business to PwC
May 8, 2009 3:55:00 PM
Copyright Business Wire 2009


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View Additional ProfilesMCLEAN, Va.--(BUSINESS WIRE)-- BearingPoint, Inc. today announced that the sale of its North American Public Services business to Deloitte LLP (Deloitte) has been completed. Under the terms of the previously disclosed transaction, Deloitte acquired the majority of the Company's Public Services unit for $350 million.

BearingPoint and Deloitte are working together to help ensure a seamless transition for clients and employees, including the continuity of existing engagement teams, to provide uninterrupted, world-class consulting services. Also, Robin Lineberger, executive vice president of Public Services, and his management team have joined Deloitte, providing leadership stability and continuity that we believe will aid in the successful integration.

In addition, BearingPoint previously announced on April 17, 2009, that it had entered into definitive agreements with PricewaterhouseCoopers LLP (PwC) to sell a significant portion of the Company's North American Commercial Services business and associated Global Delivery Centers for $25 million. On May 27, 2009, a hearing is scheduled for the Court to review the proposed sale, which remains subject to the satisfaction of certain closing conditions and the rules of the Court, which require BearingPoint to consider all "higher or better" offers from other potential buyers and obtain Court approval. There can be no assurance that the proposed sale will be approved by the Court or that the transaction will be completed.

About BearingPoint, Inc.

BearingPoint, Inc. (OTCBB:BGPTE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in more than 60 countries worldwide. Based in McLean, Va., the firm has approximately 15,000 employees focusing on the Public Services, Commercial Services and Financial Services industries. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. Our service offerings are designed to help our clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to "next-generation" technology. For more information, visit BearingPoint's Web site at www.BearingPoint.com.

Some of the statements in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including, without limitation, certain statements regarding the Company's restructuring process and the sale of BearingPoint's businesses. These statements are based on our current expectations, estimates and projections. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events or our future financial performance that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include, without limitation: (i) the ability of BearingPoint to continue as a going concern; (ii) BearingPoint's ability to obtain bankruptcy court approval with respect to the proposed sale transactions, if required, and related changes to the plan of reorganization; (iii) risks and uncertainties associated with BearingPoint's bankruptcy proceedings as a result of filing for reorganization under chapter 11 of title 11 of the United States Bankruptcy Code, including, without limitation, potential employee attrition, as well as bankruptcy court rulings and the outcome of BearingPoint's bankruptcy proceedings in general; (iv) the ability of BearingPoint to consummate the proposed sale of its Commercial Services business, as well as enter into definitive agreements with respect to the sale of the rest of its businesses, and to consummate such sale transactions on favorable terms, if at all; (v) the ability of BearingPoint to satisfy conditions to closing of any sale transactions, including the Commercial Services sale transaction; (vi) the ability of third-parties to fulfill their obligations pursuant to sale agreements, including their ability to obtain financing under current financial market conditions; and (vii) risks and uncertainties inherent in transactions involving the sale of all or substantially all of the businesses of BearingPoint, including, without limitation, the diversion of management attention from the operation of BearingPoint's business and risks associated with any failure to consummate such sale transactions. As a result, these statements speak only as of the date they were made, and BearingPoint undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.




Source: BearingPoint, Inc.


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Gina Giamanco
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