Akin Gump Advises Sungard Availability Services in Completing Multifaceted Chapter 11 Cases

(New York; London) - Akin Gump successfully advised Sungard Availability Services, L.P. and its affiliated North American entities (collectively, "Sungard AS") in their complex, multifaceted chapter 11 cases. The chapter 11 cases culminated in the sale of substantially all of Sungard AS's North American assets through the consummation of three interrelated carve-out transactions and the satisfaction of $424 million of funded debt under a chapter 11 plan. Prior to closing the going concern sale transactions, Sungard AS was a global data center provider of high-availability, cloud-connected infrastructure services, as well as disaster recovery services.

Sungard AS filed for chapter 11 in April 2022 in the U.S. Bankruptcy Court for the Southern District of Texas (the "Court"). The Court approved the sale transactions between August 2022 and October 2022, and each of the sales closed on November 1, 2022. Having completed the sale transactions, Sungard AS will now wind down its remaining North American operations pursuant to the chapter 11 plan confirmed by the Court on October 17, 2022. On November 9, 2022, Sungard AS announced the effective date of its chapter 11 plan.

Akin Gump also advised Sungard AS's United Kingdom affiliate through administration proceedings that commenced in March 2022. The administration proceeding resulted in the sale of that entity's assets to a third party.

The cross-border Akin Gump team was led by U.S. financial restructuring partners Philip Dublin and Meredith Lahaie and U.K. financial restructuring partners Liz Osborne and Tom Bannister. The Akin Gump team also included corporate partner Stephen Kuhn; finance partners Jaisohn Im and Meng Ru; financial restructuring counsel Zach Lanier, Kevin Zuzolo and Carone Huang and associates Matthew Friedrick, Melanie Miller, Amelia Danovitch and Angeline Leggiero; and corporate senior counsel Erica McGrady and associates Jackie Lewis and Chip Altieri.