Mitel Files for Bankruptcy, Gets $124.5m in Financing (1)

Mitel Networks Corporation files for Chapter 11 bankruptcy in the Southern District of Texas, according to company statement.

• Gets support from a majority of existing lenders and $124.5 million in new financing
• Operations outside of the US, Canada, and select business segments in the UK are not included within the Chapter 11 filing
  • Mitel’s global business will continue to operate in its normal course
• Balance sheet to be deleveraged by ~$1.15 billion and annual cash interest expense to be reduced by ~$135 million
• Vendors expected to be paid in full
• In a separate court filing, the company lists assets and ...