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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.





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Asgaard is a division of Asgaard Capital LLC

1934 Old Gallows Road, Suite 350

Tysons Corner, VA 22182

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