Cloud service provider Sungard Availability Services has filed another bankruptcythree years after closing its initial bankruptcy filing.
In a statement, Sungard said it had filed for bankruptcy in US bankruptcy court in Houston, Texas, and initiated similar proceedings for its Canadian subsidiary in Ontario court.
The company explained that it had filed for bankruptcy a second time since the initial bankruptcy filing in 2019, which was intended to address the company’s long-term debt issues by eliminating more than $800 million in debt and injecting 100 million dollars of new cash, did not solve the “challenges”. inherent in the operating structure of the business, primarily unprofitable leases and underutilized space”
“Like many businesses, our business has been impacted by challenges in our capital structure, driven by the global COVID-19 pandemic and other macroeconomic trends, including delays in customer spending decisions, internalization and reduced IT spending, energy inflation and reduced demand for certain services,” said Michael Robinson, CEO of Sungard.
With the latest bankruptcy filing, Sungard is now considering selling its assets or converting existing debt into equity. Sungard currently has approximately $5 million in cash.
The filings will not affect Sungard’s operations in Ireland, France, India, Belgium, Luxembourg and Poland, the company said.
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