Sungard AS completes bankruptcy restructuring in record time, appoints new CEO
.png)
Sungard Availability Services (Sungard AS) emerged from its pre-negotiated Chapter 11 restructuring in less than a day, a US record for a deal of this kind.
The company filed for Chapter 11 protection at the Southern District of New York Bankruptcy Court on Wednesday. Less than 20 hours later, Judge Robert Drain approved the filing which will let Sungard decrease its debt by two thirds.
Quick money
Creditors including Blackstone Group LP’s GSO debt investment unit, Angelo Gordon & Co., Carlisle Group, and Contrarian Capital Management will now take control of the company.
Sungard was able to push through its restructuring with such speed as it had already gained the support from the majority of its creditors for the plan before filing.
Chapter 11 protection is a part of the US Bankruptcy Code that allows a company to reorganize its assets, whilst handing over the business operations of the company to its debtors.
When Sungard filed for restructuring, it listed $1.4 billion worth of liabilities and $496 million of assets. The company now say that they have been able to reduce $800m of this debt and gained $100m in liquidity from its creditors.
Sungard also appointed Michael K. Robinson as its new CEO, taking over from Andrew A. Stern who served in the role for nine years. Robinson was previously CEO of American telco company Broadview.
Robinson said: “With the Company’s Plan of Reorganization confirmed yesterday by the US Bankruptcy Court for the Southern District of New York, Sungard AS emerges from this process as a much stronger company with a sustainable capital structure to support the Company’s investment and growth plan.”
source datacenterdynamics
Industry: Data Centre News

Latest Jobs
-
- CIAM Architect Azure B2C
- N/A
- N/A
-
We are seeking a highly skilled and experienced Azure B2C CIAM Architect for a contract starting on Jan 2024. As an Azure B2C CIAM Architect, you will be responsible for designing, implementing, and deploying an new Azure B2C Solution . Responsibilities: Design and implement an Azure B2C-based CIAM solution that meets the needs of our clients organization. Maintain and support the Azure B2C-based CIAM solution. Provide training and support to our employees on the use of the CIAM solution. Background designing, implementing, and maintaining CIAM solutions. Experience with cloud-based identity and access management (IAM) solutions. Experience with OAuth, OpenID Connect,and SAML. Excellent written and verbal communication skills
-
- Senior IAM Consultant
- Germany
- Upto €110,000 depending on level of position
-
Senior IAM Consultant is needed to help lead and deploy IAM Projects for this expand IAM Consultancy The ideal candidate will have a deep understanding of IAM concepts and technologies, as well as experience in deploying and managing complex IAM solutions. Responsibilities Lead the deployment of IAM solutions for our clients Work with clients to understand their IAM requirements and design solutions that meet their needs Configure and implement IAM solutions using best practices Integrate IAM solutions with other enterprise systems Provide training and support to clients on the use of IAM solutions Stay up-to-date on the latest IAM technologies and trends We are looking for an experieneced IAM Consutlatn with: Strong understanding of IAM concepts and technologies,including identity lifecycle management,access control,and authentication Experience in deploying and managing complex IAM solutions Experience with IAM products and solutions,such as SailPoint,One Identity Manager,and Azure Active Directory Excellent communication and interpersonal skills Ability to work independently and as part of a team Fluent in German Candidates witll need to live and have the right to work within Germany to be considered.
-
- Security Architect - SOC Design - Outside IR35 London. SC / DV cleared
- London
- Outside IR35
-
Security Architect - With in-depth SOC Design experience needed for Outside IR35 London. SC / DV cleared. 6 month rolling Immediate Experience delivering technical Security Architecture design / assurance of security design with mobile network experience. HLD / LLD Current SC Clearance a must. Willingness to undertake DV. London 3 days a week Immediately interviewing.
-
- Cyber Security Risk Consultant. UK. Hybrid. Home | Work balance
- United Kingdom
- N/A
-
Cyber Security Consultancy - done the right way. Seeking a passionate Cyber Security Risk Consultant who enjoys helping clients make a different to their business. Warning- if you want a large, slow moving, high politics, high travel security consultancy that demands their a pound of flesh this is NOT for you. A successful individual will have experience working with clients to identify business cyber security risk. This is a remote first opportunity which means you will spend the majority of your time working remotely. You will however spend some time meeting clients as well as meeting up with the team on a monthly basis.. Some of the nice to have certifications. CRISC, ISO27001 Lead implementer, CISA, CISM, CISSP Along with dedicated training budgets, unlimited holiday and a structured career path, this opportunity will give a much needed work life balance. Unable to offer Visa sponsorship now or in the future. Apply and book a call in my diary with the below