April 1, 2015 – CTPartners announced yesterday after the markets closed that the company filed a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission that allows the company to extend the deadline to file its Form 10-K for the year ended December 31, 2014. The delay is due, in part, to the fact that CTPartners is engaged in discussions with an institutional lender in connection with a second lien financing and with JPMorgan in connection with an amendment to its existing credit facility. The company believes that the financing agreements will be completed in the near term. (The financing agreements will impact information and disclosures contained in the Form 10-K). CTPartners says it expects to be able to make the filing by the extended deadline of April 15, at which time it also plans to announce its fourth quarter and full year 2014 results by the extended deadline. Whether the company will report Q1 2015 financial results has not yet been determined. Incredibly, the CTPartners board said that as a consequence of the delayed filing, its controversial chief, Brian Sullivan, will continue to serve as CEO until it has filed the Form 10-K because of Mr. Sullivan’s "familiarity with the company's operations, accounting and internal controls for the period covered by the Form 10-K." Sylvain Dhenin will assume the role of CEO immediately following the filing. Mr. Sullivan’s departure from the board of directors will occur on April 2 as previously announced. Michael Feiner, an independent director, has agreed to serve as interim board chairman.
Share This Article