Synchronoss Technologies Inc. is fighting back against bondholders who say the company breached its borrowing agreements through the $1 billion sale of its Intralinks Holdings Inc. subsidiary, WSJ Pro Bankruptcy reported. The sale of Intralinks to private-equity firm Siris Capital Group LLC closed this week. But creditors holding a majority of Synchronoss bonds have argued in letters to the company that the deal moved “substantially all” of its assets out of their reach without the buyer assuming their debt. Intralinks specializes in financial technology for the capital markets, providing secure data rooms critical for acquisition deals, capital raises and other types of disclosures between companies and investors. The $226 million in convertible bonds recently changed hands at 92.5 cents on the dollar, according to FactSet. Synchronoss said it would use the proceeds from the Intralinks sale primarily to retire other loans. The convertible bonds mature in 2019.
