October 31, 2017 / 8:06 PM / 2 months ago

Avaya can begin seeking creditor votes on new bankruptcy exit plan

Avaya Inc can begin seeking creditor votes on an amended reorganization plan with about $3 billion in financing, a judge said on Tuesday, putting the telecommunications company on track to exiting its Chapter 11 bankruptcy this year.

Silicon Valley-based Avaya filed for protection from creditors in January, burdened by a $6.3 billion debt load and an underfunded pension plan in an industry challenged by a transition to software and services from hardware.

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