On April 11, 2022, Sungard AS New Holdings, LLC and several affiliates have filed a petition for Chapter 11 relief in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90018). The company reports $500 million to $1 billion in both assets and liabilities.
The filing follows developments with Sungard Availability Services (UK) Limited, an indirect subsidiary of Sungard AS New Holdings, LLC, which entered into administration on March 25, 2022. The debtors previously emerged from the filing of a prepackaged chapter 11 bankruptcy on May 13, 2019. In a press release, the company says that the 2019 bankruptcy reduced funded debt but did not “solve for challenges inherent to the Company’s operating structure, mainly uneconomical leases and underutilized space.”
The company further disclosed that it has received a commitment for “up to approximately $95.3 million” in new money DIP financing from certain of its secured lenders.
Cole Schotz does not represent the Debtor in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtor’s counsel.
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