Sungard Availability Services: Sungard Emerges from Bankruptcy in Record Time

May 06, 2019 | Posted by Eric Bell

According to Bloomberg, Sungard Availability set a record for the fastest bankruptcy. The company filed for Chapter 11 protection on Wednesday May 1st, 2019 and emerged 20 hours later with an approved reorganization plan which reduces its debt and allows Sungard to continue to operate its business. The plan was pre-negotiated.

It's creditors will now take control of the company. The creditors which include Blackstone installed a new CEO, Mike K Robinson. Mike is replacing Andrew A Stern who is departing after a 9 year run at the company.