Sungard AS New Holdings
The firm represented the creditors' committee in the chapter 11 bankruptcy of Pennsylvania-based Sungard AS New Holdings LLC, which provides corporate IT services. The debtor filed for bankruptcy protection due to shifts in the IT business, above-market leases, and increased energy costs. In May 2022, the debtor reached a global resolution with the committee. The firm emphasized the three committee goals: the debtors’ business continuing as a going concern, the estates remaining administratively solvent, and obtaining maximum value for unsecured creditors. The presiding judge (Judge David Jones) stated to the firm’s attorneys, “thank you. I also appreciate the approach. I wish that every committee I saw looked at things in a commercial fashion and took a constructive approach to find — to finding a business resolution based on the facts that were presented. So I compliment your team for keeping that spirit in mind. You know, I'm now going to put you on the discussion circuit. And you'll now appear at every CLE for the next couple of years, on being a constructive committee, will be the title of your speech . . . I appreciate the approach.”
