Avaya announced on the 12th September that its First Amended Plan Support Agreement dated August 6, 2017 (the “PSA”) has now been executed by holders of over two-thirds in amount of the total amount of its First Lien Debt (as defined in the PSA)—up from more than 50% when the PSA was initially announced—including substantially all of the members of the Ad Hoc Group of First Lien Creditors (the “Ad Hoc First Lien Group”).
Among other things, the PSA requires the parties who sign it to vote in favour of the First Amended Chapter 11 Plan of Reorganisation of Avaya Inc. and Its Debtor Affiliates, dated September 8, 2017 (the “Amended Plan”), when solicited in accordance with the Bankruptcy Code. The Company continues to believe that, once it has completed solicitation of votes and received the requisite votes, the Amended Plan is confirmable.
The Bankruptcy Court approved the Disclosure Statement with respect to the Amended Plan on August 25, 2017, clearing the way for Avaya to begin soliciting votes for the Plan. A hearing for the Bankruptcy Court to consider confirmation of the Amended Plan is scheduled for November 15, 2017.
Centerview Partners LLC and Zolfo Cooper Management, LLC are Avaya’s financial and restructuring advisors and Kirkland & Ellis LLP is the Company’s restructuring counsel.
The Ad Hoc First Lien Group is represented by Akin Gump Strauss Hauer & Feld LLP and PJT Partners LP, as legal and financial advisors, respectively.
About Avaya
Avaya enables the mission critical, real-time communication applications of the world’s most important operations. As the global leader in delivering superior communications experiences, Avaya provides the most complete portfolio of software and services for contact center and unified communications— offered on premises, in the cloud, or a hybrid. Today’s digital world requires communications enablement, and no other company is better positioned to do this than Avaya.
The Avaya Story so far:
- Avaya Files for an Exclusivity Extension on Their Chapter 11 Bankruptcy
- The Latest on Avaya’s Emergence from Chapter 11 Bankruptcy
- Avaya’s Third Quarter Financial Results: All the Crucial Numbers
- Avaya’s Latest News from a UK Perspective: UC Today Exclusive
- What next for the new Avaya? UC Today Exclusive
- Avaya Files a Plan with Bankruptcy Court
- Avaya Slammed for Bankruptcy Bonus Plans
- Avaya Update: After Chapter 11 What will Happen to Avaya in the UK?
- Avaya Seeks $3.7 Million for Executive Bonuses During Bankruptcy
- Avaya Networking Sell Off Approved By Bankruptcy Court
- Avaya Could Emerge From Bankruptcy By Summer
- Could Avaya’s Debt be Too Much to Handle?
- Avaya enters Chapter 11 – a very sad day in Comms
