Private Equity-Backed Sungard Availability Files for Bankruptcy

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

The private equity-owned 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. If approved, the process will allow Sungard to reduce its debt by about two-thirds as it continues to operate.