Global management and technology consultancy, BearingPoint, is close to securing multiple deals that will see the sale of virtually all its businesses. The firm filed [1] for Chapter 11 protection six weeks ago on 18 February, and updated its plan on 23 March.

As reported by our sister community, AccountingWeb.com [2], BearingPoint has entered into an asset purchase agreement with Deloitte, which will see most of BearingPoint Public Services sold to the auditor for $350 million.

However, as the existing financial restructuring process rules apply, BearingPoint must consider all "higher and better" offers from other would-be buyers, and get court approval before the deal is finalised. As other parts of the company are considered for sale, those agreements may be subject to a similar approval process.

A potential deal with PricewaterhouseCoopers for BearingPoint’s North American Commercial Services business is also being considered for $25 million. If this deal is completed, it will bring some contracts and assets of BearingPoint into PwC's advisory practice. It will also give PwC a cadre of professionals with business and consulting experience in industries such as insurance, utilities, and pharmaceuticals.

In addition, BearingPoint’s consulting practice in Japan is the focus of a potential deal with PwC’s Japanese operation, PwC Advisory Co. If this sale goes through it will create the biggest consultancy in the Japanese market, with a team of over 1,500 professionals. Other deals to secure the sale of BearingPoint’s practices in Europe and Latin America are currently in negotiation.