Sungard AS’s Comprehensive Restructuring Support Agreement

Akin Gump Advises a Creditor Group on the restructuring

Sungard Availability Services (“Sungard AS”) today announced that it has entered into a consensual agreement with a majority of its creditors to reduce Sungard AS’ debt by over two-thirds. This agreement creates a sustainable capital structure to support the company’s investment and growth plans, as well as enhances its overall financial position. A team from Akin Gump is representing a crossover group of creditors in the matter.

Through the restructuring process, Sungard AS will continue to operate in the normal course of business. The restructuring contemplated by the restructuring support agreement is funded by a $100 million credit facility, which will provide the liquidity necessary to continue to implement the company’s business plan, including funding working capital and operational and capital expenditures during the expedited restructuring process. Once the restructuring is complete, Sungard AS’ creditors will own the company’s equity.

The Akin Gump team representing the creditors group includes financial restructuring partner Philip Dublin (Picture), corporate partner Daniel Fisher and financial restructuring counsel Naomi Moss.

Involved fees earner: Philip Dublin – Akin Gump; Daniel Fisher – Akin Gump; Naomi Moss – Akin Gump;

Law Firms: Akin Gump;

Clients: Sungard Availability Services LP – Group of creditors ;

Author: Ambrogio Visconti