Avaya Debt Restructuring Progress Update

November 2, 2017

Avaya has reached a major milestone that puts the end of its chapter 11 process clearly in sight.


On 24 October Avaya announced it reached a consensus Plan of Reorganisation supported by all of its major creditors. This global resolution means the company is closer than ever to emerging from chapter 11 this year as a stronger, more competitive company.


In addition, Avaya is executing an exit financing process that will provide the company with the funding necessary to execute its Plan and exit Chapter 11 as a publicly traded company. The exit financing – fully underwritten commitments from a group of banks led by Goldman Sachs and Citibank – totals approximately $3 billion, half of the debt carried by the company prior to entering chapter 11.


Avaya also filed a request for an updated confirmation schedule to accommodate this resolution, which asks to maintain a November start date for its confirmation hearing. The company will still need the required creditor votes for its Plan and confirmation by the Court – among other approvals -- and fully expects to complete the restructuring and emerge from chapter 11 in 2017.


Thank you for your commitment and we look forward to continuing to work with you. 

Share on Facebook
Share on Twitter
Please reload

Featured Posts

Aonix Limited are on the Move

March 28, 2018

Please reload

Recent Posts
Please reload