November 24, 2017 / 9:23 PM / in 22 days

Trustee wants former Avaya CEO's deal dropped from Ch 11 plan

Avaya Inc’s bankruptcy reorganization plan should not be approved until it is stripped of a consulting deal worth up to $8.75 million for telecommunications company’s former chief executive, according the U.S. government’s bankruptcy watchdog.

The deal would guarantee Kevin Kennedy, who was also the chairman of Avaya’s board, $7.6 million over two years for consulting services. The U.S. Trustee said in court papers filed on Wednesday that agreement effectively serves as a retention plan.

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