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Court Confirms Allen Systems Group, Inc.’s Plan of Reorganization

04-01-2015 07:18 PM CET | IT, New Media & Software

Press release from: March Communications

/ PR Agency: March Communications
Naples, FL – March 30, 2015 – Allen Systems Group, Inc. (“ASG” or the “Company”), announced today that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Company’s Plan of Reorganization (the “Plan”), clearing the way for ASG to emerge from chapter 11 within the next several weeks. The Plan was supported by the Company’s sole shareholder and an overwhelming majority of the Company’s creditors.

Upon emergence from chapter 11, ASG will be majority owned by a consortium representing some of the largest and most sophisticated investors in the world. As part of the transaction, a new Board of Directors will assume their positions following the Company’s emergence from chapter 11. The Company’s existing senior management is expected to continue to serve under the oversight of the new board.

“This marks the final major step in ASG’s financial restructuring,” said John C. DiDonato, president and chief restructuring officer of ASG Software Solutions. “We look forward to a new beginning as a well-capitalized company with greater financial flexibility and the resources to grow the business while continuing to provide our customers with the high-quality service they expect. We thank our customers and business partners for their support throughout this process as well as our employees for their dedication to ASG.”

Under the terms of the Plan, the lenders provided additional capital and liquidity to support the Company’s recapitalization, and significantly reduced the Company’s long-term debt to approximately $240 million, a reduction of more than 60 percent. The Plan also enables the payment of all valid unsecured claims in the ordinary course of business.

About ASG Software Solutions
ASG Software Solutions connects sophistication and experience with agility and technological efficiency, through its vendor-agnostic cloud, content and systems solutions. ASG helps companies solve today’s most pressing business issues, including everything from reducing operating costs and enhancing workforce productivity to ensuring regulatory compliance. With customers like American Express, Coca-Cola, GE, HSBC, IBM, Lockheed Martin, Merrill Lynch, Procter & Gamble, Sony, Verizon, and Wells Fargo, ASG can proudly say that more than 70 percent of global Fortune 500 companies trust it to optimize their existing IT investments. Founded in 1986, ASG Software Solutions is a global company headquartered in Naples, Florida, USA, with more than 1,000 employees. For more information, visit www.asg.com or find us on Facebook, LinkedIn, Twitter or YouTube.

SARD VERBINNEN & CO
Steven Goldberg
310.201.2040
sgoldberg@sardverb.com

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