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Avaya Bankruptcy Plan Received

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According to documents filed with the SEC, Avaya entered into separate confidentiality agreements effective as of May 16, 2017 with certain members of an ad hoc group of certain first and second lien creditors of the Company (“Ad Hoc Crossholder Group”).

In connection with ongoing discussions with the Ad Hoc Crossholder Group regarding potential restructurings and strategic alternatives, the Company received a proposal from the Ad Hoc Crossholder Group regarding an alternative Chapter 11 plan of reorganization.

The filing includes a plan term sheet, which is “merely an expression of interest to be used for discussion purposes in connection with a comprehensive compromise among the Debtors and the Ad Hoc Crossholder Group.”

Read more Avaya bankruptcy news.