Avaya India

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Avaya tryst with Chapter 11: Plan Support Agreement executed, confirms Avaya

US-based communication technology firm Avaya which is looking to find a viable path to exit Chapter 11 said that its First Amended Plan Support Agreement dated August 6, 2017  has been executed.
Struggling with its huge debt and waiting resolution to the Chapter 11 filing, US-based communication technology firm Avaya is looking to find a viable path to exit Chapter 11 which it filed over six month ago. (Photo/wikimedia.org)

Avaya announces plan support agreement, seeks to exit Chapter 11

Company informed that it has entered into a plan support agreement (PSA) with holders of over 50% of its first lien debt including certain members of the ad hoc group of first lien creditors. The first lien debt holders receive payment before all other debt holders, and have the legal right to seize property from a borrower
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