Sungard Back in Bankruptcy Court After Less Than Three Years (1)

Sungard Availability Services LP filed for bankruptcy in Texas on Monday less than three years after wrapping up a prior restructuring.

The technology company listed assets and liabilities of as much as $1 billion each in its Chapter 11 petition. The bankruptcy filing allows Pennsylvania-based Sungard to continue operating while it crafts a new turnaround plan.

The company previously sought bankruptcy in 2019 and received approval of a pre-packaged turnaround plan in less than a day, setting a record at the time. The restructuring let Sungard slash its long-term debt burden by more than $800 million, but didn’t fix ...