Sungard AS Emerges From Bankruptcy, Names CEO
Sungard Availability Services has emerged from a one-day “prepackaged” Chapter 11 restructuring, and named Broadview Networks veteran Mike Robinson to succeed Andrew Stern as CEO. The data protection specialist has cut its debt by more than $800 million, and now has $100 million in new liquidity, Sungard AS says.
Sungard AS was a market leader during the client-server age — protecting and restoring Fortune 500 data during such major events as the September 11, 2001 terrorist attacks. But the company’s complex data protection technology got blindsided by modern cloud data protection services.
Now, Robinson will seek to jumpstart Sungard AS’s momentum. He previously was CEO of Broadview Networks, a former local telecom service provider that evolved into a Unified Communications as a Service (UCaaS) provider.
Sungard AS announced the bankruptcy plan in early April 2019, and maintained business operations throughout the process.