Avaya Wins Court Approval of Plan to Hand Ownership to Lenders

Avaya Inc. won court approval of its plan to exit Chapter 11 protection, capping its second trip through bankruptcy court in recent years.

• US Bankruptcy Judge David R. Jones in a hearing Wednesday said he would approve Avaya’s plan, which calls for slashing some $2.6 billion of debt, raising new capital and handing ownership of the company to first-lien lenders
  • Avaya will have more than $650 million of liquidity upon emergence from bankruptcy, which it intends to do in the coming weeks, a lawyer for the company said during the hearing
• “You have a capital structure that everyone believes will ...