Restructuring process for rest of business remains ongoing as company continues to support customers with no expected disruptions
WAYNE, Pa., Aug 1, 2022 /PRNewswire/ — Sungard Availability Services (Sungard AS) today announced that, subject to court approval, it has entered into an Asset Purchase Agreement with 365 Data Centers to acquire a majority of its US Colocation and Network business. The transaction with 365 Data Centers is subject to court approval and customary closing conditions. The hearing by the court to approve the Asset Purchase Agreement with 365 Data Centers is scheduled for August 24, 2022. The Company expects the transaction to close this fail.
All of Sungard AS’ businesses in North America are continuing to operate largely business as usual and meeting the needs of customers, whether included in the Asset Purchase Agreement or not. Sungard AS is continuing to evaluate potential sales or other restructuring alternatives with respect to its Cloud and Managed Services and Recovery Services operations while under the protection of chapter 11 in the 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 manner that meets the critical needs of our customers while strengthening our operating cost structure. The combination of 365 Data Centers and our US Colocation and Network business is an important next step in this process and presents an exciting opportunity in the marketplace with a growing, strong, reputable buyer who is committed to our customers,” said Michael K RobinsonChief Executive Officer and President, Sungard Availability Services.
Additional information about Sungard AS’s chapter 11 filing can be found at: https://cases.ra.kroll.com/SungardAS.
Information about the Canadian proceedings 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 a 40-year track record of delivering resilient and highly available hybrid IT solutions. Backed by high-performance networks, Sungard AS modernizes customers’ end-to-end IT across connected infrastructure, cloud, recovery and workplace solutions. Working with customers to understand their business objectives, Sungard AS identifies gaps in customers’ current environments and tailors a solution to achieve their 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
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Cautionary Note Regarding Forward-Looking Statements
Any statements contained 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 “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “targets,” “projects,” “should,” “may,” “will,” statements regarding 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 Section 21E of the Securities Exchange Act of 1934, as amended . Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed. or implied by these forward-looking statements. Such forward-looking statements include, among others, those concerning the completion, outcome and effects of the chapter 11 cases, the ability of Sungard AS to obtain bankruptcy court approval of the matters described in this press releases, including with respect to any debtor- in-possession financing, the ultimate outcome of the chapter 11 cases and any restructuring of Sungard AS effectuated thereby and Sungard AS’s ability to reduce its debt or strengthen its financial position. 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. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Sungard Availability Services