Sungard asks for lengthy extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Aug. 9 – Sungard AS is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The company asked the court to extend the plan filing period through Dec. 7 from Aug. 9 and the solicitation period through Feb. 5, 2023 from Oct. 8.

As previously reported, the company has already filed a plan and disclosure statement.

However, the company said an extension of the exclusive periods is critical in order for it to finalize its restructuring transactions and successfully emerge from Chapter 11 without the distraction and cost of alternative plans.

The hearing on conditional approval of the disclosure statement is scheduled for Aug. 24.

Sungard is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software. The company filed bankruptcy on April 11 under Chapter 11 case number 22-90018.

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