CTPartners to wind down remaining operations
The company’s business and financial condition have continued to deteriorate as consultant departures have continued through the second quarter of 2015. The company has been informed that DHR is seeking to acquire certain of the company’s assets in a transaction with the company’s lenders, who have the right to acquire those assets pursuant to the underlying debt documents. DHR has indicated that it expects to employ many of the company’s consultants and employees. There is no assurance that any such transaction will be completed, and, if completed, the proceeds of such a transaction are not likely to be sufficient to satisfy all of the company’s obligations to its lenders and other creditors, and are not expected to result in any payment to the company’s shareholders.
The company expects that it would need additional funding to continue operating beyond June 30th, 2015 but does not anticipate obtaining adequate funds from its current lenders or otherwise.
Consequently, the company intends to wind down its remaining operations in an orderly manner, but it may be required cease operations entirely or seek bankruptcy protection.