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Sungard Availability Sets Record for Fastest Chapter 11 Approval

  • Technology firm’s plan gets confirmed 19 hours after filing
  • Funds including GSO and Angelo Gordon take ownership of firm

Sungard Availability Services Capital Inc. set a record for the fastest U.S. bankruptcy with a pre-negotiated plan in place to slash its debt load and hand control to a new set of owners.

The technology company filed for Chapter 11 protection Wednesday in U.S. Bankruptcy Court in White Plains, New York, listing $1.4 billion of liabilities and $496 million of assets. Less than 20 hours after the filing Judge Robert Drain approved the reorganization plan which will allow Sungard to reduce its debt by about two-thirds as it continues to operate.