Consultant News
Latest Consulting News Consulting Times
 
 
In the News news icon
menu item  Accenture
menu item  Arthur D. Little
menu item  A.T. Kearney
menu item  Bain & Company
menu item  BearingPoint
menu item  Booz Allen Hamilton
menu item  Boston Consulting Group
menu item  Capgemini
menu item  CSC
menu item  Deloitte
menu item  Ernst & Young
menu item  IBM GS
menu item  McKinsey
menu item  PA Consulting
menu item  Roland Berger
Consulting Times Editions
menu item
    2009 Archive
    2008 Archive
    2007 Archive
    2006 Archive
    2005 Archive
  ADL has filed for bankruptcy protection as part of a deal to sell the firm to a sister company of its principal creditor Cerberus Capital Management (ADL Acquisition Co.
  Advertisement  
Top-Consultant's Jobs-By-Email
LLC)

The agreed deal is for $71m. About $64m of the proceeds will pay off ADL's debt to Cerberus Capital Management – who as the consultancy's principal lender provided ADL with a high-interest bridging loan. Cerberus are essentially seeking to write off ADL's debts in exchange for full ownership of the firm. There could still be another twist however…

ADL is entering Chapter 11 under section 363 of the bankruptcy protection code, which gives other interested parties 45 days to submit counter bids. At the end of the 45 day period the courts will decide whether any such bids should be accepted in preference to the Cerberus offer. So Arthur D Little could still be acquired by a competitor.

For the past three years, ADL's annual gross revenues have been circa $500 million. However during recent years, it has funded several major initiatives, most significantly the planned spin-off and public offering of its telecom consulting venture, c-quential, which was withdrawn in late 2000 due to market conditions.

Pamela McNamara, ADL's chief executive, resigned with immediate effect as both head of the firm and as an employee. Her replacement is Richard Sebastiao, a company-restructuring specialist. McNamara will stay on as a member of the board.
 
Search news icon
advanced search  
search



 
©2003-2011 Consultant-News.com
ConsultancyRoleFinder.com | ConstructionRoleFinder.com
ExecutiveRoleFinder.com | EngineeringRoleFinder.com | TopITconsultant.com
Home  |  Contact Us  |  Privacy Policy  |  Terms of Use