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So whats new with todays all employee call. Same cr-p different spin? 😆
Sungardas will go down in history as one of the most pathetically mismanaged companies ever
Mark your calendars for these dates:
On May 11, 2022, the Bankruptcy Court entered an order approving the bidding procedures in connection with the sale of all or substantially all of the Debtors' assets.
Sale & Cure Objection Deadline: June 21, 2022 at 4:00 p.m. (prevailing Central Time)
Deadline for Required Consenting Stakeholders to have provided the Reserve Price: June 21, 2022 at 4:00 p.m. (prevailing Central Time)
Final Bid Deadline: July 7, 2022 at 12:00 p.m. (prevailing Central Time)
Auction (if required): July 11, 2022 at 10:00 a.m. (prevailing Eastern Time)
Adequate Assurance Objections Deadline: July 13, 2022 at 12:00 p.m. (prevailing Central Time)
Proposed Sale Hearing: July 14, 2022, at 3:00 p.m. (prevailing Central Time)
Merit increase Effective July 15 for new owner.
"You'll be forced to pick up workloads from another colleague which they'll lay off in the near future"
No need to wait, you're already being asked to take on the workloads from all the people that are leaving. It's a cascading effect that simply motivates the few remaining (that might actually be helping to keep the lights on) to head for the exits.
Can a wrinkled brain break this down? Pretend I’m in recovery and use small words.
This is what's ki----g the company along with no 21 century products... Interest on the notes compounding in favor of investors while negatively compounding against SG's future and all the bottom rungers like us working for the company.
Excited about the “merit increase" as stated by KG? Think twice. You'll be forced to pick up workloads from another colleague which they'll lay off in the near future. Sorry to be a naysayer but devil is in the details. There ain't no free lunch aka random out of the blue raises while in bankruptcy.
"a $285.9mm multi-draw term loan facility comprised of a $190.6mm roll-up of pre-petition debt (for first lien, L+7.5% payable monthly subject to a 6.5% PIK election, and for second lien, L+6.75% payable monthly subject to a 5.75% PIK election) and $95.3mm in new money (at L+9.5% payable monthly subject to 8.5% PIK election"
"The projections Sungard had in its original disclosure statement. The company projected $885mm of revenue in ‘20 and $898mm of revenue in ‘21. Actual performance missed by a staggering $311mm."
How are such blatantly false projections not criminal??? Talk about misleading investors.
Crony capitalism at it's finest.
Then again, who in their right mind would invest in Sungard AS to begin with...!!!
Great article BTW.
One wonders how many chapter 11s one company can get away with before someone rules you're done here. No soup for you!