Sungard gets approval to sell assets to 365 SG for $52.5 million

By Sarah Lizee

Olympia, Wash., Sept. 1 – Sungard AS’ received court approval to sell its U.S.-based colocation business to 365 SG Operating Co. LLC for $52.5 million, according to court documents filed with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the company’s restructuring support agreement provides for either an asset sale or a debt equitization scenario. Creditor recoveries under the Chapter 11 plan depend on which of these occurs.

The company also recently announced a successful bid for its North American cloud and managed services business from 11:11 Systems, a managed infrastructure solutions provider. This sale is pending court approval.

Sungard is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software. The company filed bankruptcy on April 11 under Chapter 11 case number 22-90018.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.