Akin Gump Advises Creditor Group as Sungard AS Enters into Comprehensive Restructuring Support Agreement

April 2, 2019

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Jacinta O'Shea-Ramdeholl

Director of Communications

Sarah Richmond

Senior Communications Manager

(New York) – 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, corporate partner Daniel Fisher and financial restructuring counsel Naomi Moss.

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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