Avaya in Talks to Secure $450 Million for Potential Bankruptcy

Avaya Holdings Corp. has been negotiating with first-lien lenders for a $450 million loan that would fund operations during a potential bankruptcy filing, according to people with knowledge of the situation.

The telecommunications equipment provider has been in talks with lenders that could hand them control of the company as part of a pre-arranged Chapter 11 filing, said the people, who asked not to be identified because the matter is private. The group of first-lien lenders include Apollo Global Management, Ares Management and Invesco, Bloomberg previously reported. Talks are ongoing and plans could change, they added.

Representatives with Avaya, Apollo, ...