07 March 2002 22:06 [Source: ICIS news]
HOUSTON (CNI)--Practices and processes consulting firm Arthur D Little (ADL) may have to cut back on some of its operations following the scheduled 2-5 April auction of the company under supervision of a bankruptcy court, a spokeswoman for the company said Thursday.
Andrea tenBroek, spokeswoman for Cambridge, Massachusetts-based ADL, said the level of operations of ADL after the auction "will of course depend on the new owner of the business."
ADL announced 5 February it had entered an agreement, subject to bankruptcy court approval, to sell its assets to ADL Acquisition Company, an affiliate of Cerberus Capital Management of New York City, a transaction valued at some $71m (Euro80m).
The sale agreement is subject to bids in the April auction which, separately or in the aggregate, may provide greater value for the ADL assets.
ADL said in a statement concerning its filing for bankruptcy protection that it ran into financial difficulties in large part because of the planned spin-off and public offering of its telecom consulting venture, c-quential, which was withdrawn in late 2000 due to market conditions. ADL said it also incurred a "significant one-time loss associated with the sale and leaseback of its worldwide headquarters" at Cambridge.
ADL counts among its clients DuPont, Dow Chemical, ExxonMobil, Merck, Monsanto, Pfizer Pharmaceuticals and Roche Pharmaceuticals.
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