Court Approves Avaya Restructuring Plan

The U.S. Bankruptcy Court for the Southern District of New York has confirmed Avaya’s second amended Chapter 11 plan of reorganization. As a result, Avaya expects to emerge from its restructuring process before the end of this year.

Goldman Sachs Agents Post-Petition $2.95B Term Loan for Avaya

Avaya has successfully priced a $2.925 billion senior secured term loan, which was upsized from $2.425 billion, in response to strong market demand.

Goldman, Citi Lead $2.9B Term Loan to Support Avaya Restructuring

Avaya received approval from its creditors for its restructuring plan and intends to exit Chapter 11 with $2.95 billion of financing in place. Goldman Sachs and Citibank are leading the lender group.

Avaya Reaches Agreement with Creditors to Support Restructuring

Avaya entered into a plan support agreement (PSA) with holders of more than 50% of its first lien debt, including certain members of the ad hoc group of first lien creditors. In January, Citibank provided $725 million DIP when the company entered Chapter 11.

Avaya Files Chapter 11, Citibank Provides $725MM DIP

Avaya has filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. The company obtained a committed $725 million debtor-in-possession financing facility underwritten by Citibank.