BearingPoint
Charlie served as the financial advisor to Deloitte LLP, the successful stalking horse bidder for BearingPoint’s Public Service Business.
THE ISSUE
Following an extensive sales process, on February 18th, 2008, BearingPoint filed for Chapter 11 bankruptcy protection.
Despite a reported prearranged restructuring plan, Deloitte was able to convince the debtors and senior lenders to move to a 363-sale process, at least with respect to BearingPoint’s Public Services Group (the “Group”).
THE OUTCOME
Charlie worked with Deloitte’s legal counsel to navigate the bankruptcy process so that the time period between the initial bid and competitive bid dates was approximately 2 weeks.
Ultimately, the auction was canceled as no competing bids were proffered and the transaction closed on Deloitte’s winning bid within several weeks of the original auction date.
On March 23rd, Deloitte entered into a definitive agreement with BearingPoint to purchase substantially all of the assets of the Group out of bankruptcy for $350 million in cash and the assumption of certain liabilities, subject to adjustment.