BearingPoint, a consultancy based in McLean, Va., said it has deals in place to sell substantially all of its businesses. As part of a restructuring agreement with its senior creditors, BearingPoint agreed last month to file for Chapter 11 protection in U.S. Bankruptcy Court, New York.
Deloitte has agreed to purchase a substantial portion of BearingPoint's largest business unit, public services, for $350 million, BearingPoint said. The agreement is subject to its financial restructuring process and customary closing conditions. PricewaterhouseCoopers has signed a nonbinding letter of intent to buy a substantial portion of BearingPoint's North American commercial services business for $25 million.
In addition, PwC Advisory Co., a Pricewaterhouse unit operating in Japan, is in advanced negotiations to buy BearingPoint's consulting practice in Japan. BearingPoint also is negotiating with buyers for its practices in Europe, Latin America and Asia outside of Japan.