The restructuring process for the rest of the business continues as the company continues to support its customers without planned disruptions
WAYNE, Pa., August 1, 2022 /PRNewswire/ — Sungard Availability Services (Sungard AS) announced today that, subject to court approval, it has entered into an asset purchase agreement with 365 Data Centers to acquire the majority of its colocation and network activities in the United States. The transaction with 365 Data Centers is subject to court approval and customary closing conditions. Court hearing to approve asset purchase agreement with 365 data centers scheduled for August 24, 2022. The Company expects the transaction to close this fall.
All activities of Sungard AS in North America continue to operate largely as usual and meet customer needs whether or not they are included in the asset purchase agreement. Sungard AS continues to evaluate potential sales or other restructuring alternatives with respect to its cloud and managed services and recovery services businesses under Chapter 11 protection. United States and the Companies’ Creditors Arrangement Act (CCAA) in Canada.
“We have been working hard to determine the best path forward for our business in a way that meets the critical needs of our customers while strengthening our operating cost structure. The combination of 365 data centers and our colocation and networking in the United States is an important next step in this process and presents an exciting opportunity in the market with a growing, strong and reputable buyer who is committed to our customers,” said Michael K. RobinsonCEO and President of Sungard Availability Services.
Additional information about Sungard AS’s Chapter 11 filing is available at: https://cases.ra.kroll.com/SungardAS.
Information on Canadian procedures can be found at: http://www.alvarezandmarsal.com/SungardASCanada.
Sungard AS is advised in this matter by Akin Gump Strauss Hauer & Feld LLP, Jackson Walker LLP, Cassels-Brock & Blackwell LLP, FTI Consulting, Inc., DH Capital, LLC and Houlihan Lokey Capital, Inc.
About Sungard Availability Services
Sungard Availability Services (Sungard AS) is a leading provider of cloud-connected infrastructure solutions serving enterprise customers from 75 hardened data centers and workplace recovery facilities in nine countries. Sungard AS has 40 years of experience delivering resilient and highly available hybrid IT solutions. Built on high-performance networks, Sungard AS modernizes its customers’ end-to-end IT with connected infrastructure, cloud, recovery and workplace solutions. Working with customers to understand their business objectives, Sungard AS identifies gaps in current customer environments and tailors a solution to achieve desired business outcomes. Visit Sungard AS at www.sungardas.comor call +1 888 537-6519 in the US or +44 808 238-8080 in the UK Connect with us on our blog, LinkedIn ,Twitter, FacebookandYoutube.
Gregory FCA for Sungard AS
Sungard Availability Services is a trademark or registered trademark of SunGard Data Systems or its affiliate, used under license. The Sungard Availability Services logo itself is a trademark or registered trademark of Sungard Availability Services Capital, Inc. or its affiliate. All other trade names are trademarks or registered trademarks of their respective holders.
The abbreviation for Sungard Availability Services is “Sungard AS”, as noted above. Please use “Sungard AS” to abbreviate the name rather than “Sungard” or “SunGard”, which may confuse the reader with another separate company with a similar name.
Caution Regarding Forward-Looking Statements
All statements in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words “anticipate”, “believe”, “expect”, “intend”, “plan”, “estimate”, “target”, “project”, “should”, “may”, ” will”, statements regarding the future timing of a Chapter 11 proceeding and similar words and expressions are intended to identify forward-looking statements, as defined within the meaning of Section 27A of the Securities Act of 1933, as amended, and of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect, among other things, our current expectations, plans and strategies, and our expected financial results, all of which are subject to known and unknown risks, uncertainties and factors that could cause our actual results to differ materially from those expressed. or implied by these forward-looking statements. These forward-looking statements include, among others, those regarding the completion, outcome and effects of Chapter 11 matters, Sungard AS’s ability to obtain bankruptcy court approval for the matters described in this press release, including with respect to any debtor-financing in possession, the ultimate outcome of the Chapter 11 cases and any restructuring of Sungard AS so effected and the ability of Sungard AS to reduce its debt or strengthen its financial condition. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Further, forward-looking statements speak only as of the date they are made. We undertake no obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Sungard Availability Services