IT Service Co. Sungard Confirms Ch. 11 Prepack In A Day

Law360 (May 2, 2019, 8:03 PM EDT) -- Information technology company Sungard Availability Services is on its way out of bankruptcy less than 24 hours after filing for Chapter 11 protection, receiving court approval Thursday to hand the business over to creditors under a prepackaged plan of reorganization that substantially reduces a $1.3 billion debt load.

Pennsylvania-based Sungard received Chapter 11 plan confirmation from U.S. Bankruptcy Judge Robert Drain on Thursday afternoon in White Plains, New York, after filing for bankruptcy Wednesday evening. The rapid turnaround resembles clothing company FullBeauty Brands Inc.'s bankruptcy in February, in which Judge Drain also approved a plan presented by counsel from Kirkland &...

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