Sungard Secures Mining Rights $41M Ch. 11 Funding Filing

By Rick Archer (April 12, 2022, 1:17 p.m. EDT) — Information technology company Sungard Availability Services received approval from a Texas bankruptcy judge on Tuesday to draw down $41.1 million in funding Chapter 11 as the company embarks on a deal it says will end in either a sale of assets, a debt-for-equity swap, or both.

In an early morning telephone hearing, U.S. Bankruptcy Judge David Jones gave interim approval to a debtor financing package held by a group of Sungard secured lenders, who said they support a dual-track Chapter 11 in which they would stand as backups if the company cannot obtain sufficient offers for some or all of its…

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