The Philadelphia Inquirer reports that Sungard AS plans 'bankruptcy reboot'

Published: Tuesday, 02 April 2019 07:56

Regional newspaper, the Philadelphia Inquirer, is reporting that Sungard Availability Services plans to file for bankruptcy reorganization. According to the publication Sungard AS ‘expects to detail its plans in public statements Tuesday [April 2], and hopes to be in and out of bankruptcy with the approval of its creditors later this month’.

Andrew Stern, Sungard AS chief executive, told the Philadelphia Inquirer that ‘the company, investors and creditors had spent four months negotiating the deal’. He ‘expected that the creditors-turned-owners will install a new board, which will decide on who will run the reorganized company’.

Stern believes that the ‘company emerges far stronger from bankruptcy’ and there will be ‘no impact on customers, moving forward’.

‘In return for writing off two-thirds of the company’s debt, hedge fund creditors including Blackstone Group’s LP’s GSO debt investment unit, Angelo Gordon & Co., Carlisle Group, and Contrarian Capital Management … will take control‘ says the Philadelphia Inquirer.

Read the full article here. https://www.philly.com/columnists/sungard-plans-bankruptcy-reboot-hedge-funds-replace-buyout-artists-20190402.html

Continuity Central will follow this story as it develops and will provide updates when available.