Avaya Holdings Files for Chapter 11 Bankruptcy in Texas

Avaya Holdings filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas and secured about $780 million in committed financing.

• Entered into a Restructuring Support Agreement with the support of more than 90% of secured lenders
• Received commitments for $628 million in debtor-in-possession financing, including a $500 million new-money term loan from the group led by Apollo Global Management and Brigade Capital Management, and a $128 million ABL facility from a bank syndicate led by Citi
  • Upon Avaya’s emergence from the court-supervised process, the $500 million new-money term loan and $128 million ABL facility ...