Avaya Wins Access to $400 Million in Fast-Track Bankruptcy

Avaya Holdings Corp. won approval to draw as much as $400 million from a bankruptcy financing package on an interim basis as it looks to quickly exit Chapter 11 protection.

• US Bankruptcy Judge David R. Jones in a hearing Wednesday approved the financing, which comes from an investor group led by Apollo Global Management Inc. and Brigade Capital Management LP
• Jones also scheduled a hearing to consider approval of Avaya’s bankruptcy plan for March 22
  • The plan calls for first-lien lenders to take over the company and for convertible noteholders to share $10 million of cash and $10 million of ...