Akin Gump Advises Sungard Availability Creditor Group in Fastest-Ever Chapter 11 Restructuring
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(New York) – Sungard Availability Services today announced it has successfully emerged from its “prepackaged” Chapter 11 restructuring. Akin Gump served as advisor to a crossover group of the company’s prepetition secured lenders and unsecured noteholders.
On May 1, the company briefly put its U.S. entities into Chapter 11 to effectuate its consensual agreement with a majority of its creditors to reduce Sungard AS’ overall debt. The restructuring reduced the company’s debt by more than $800 million and includes $100 million of new liquidity provided by its creditors. The plan of reorganization, which was confirmed yesterday by the U.S. Bankruptcy Court for the Southern District of New York, is the fastest Chapter 11 restructuring ever.
The Akin Gump team advising the creditor group was led by financial restructuring partner Philip Dublin and counsel Naomi Moss and corporate partners Daniel Fisher and Jaisohn Im.
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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