Avaya files Chapter 11 reorg plan, reduces debt by $4 billion

Avaya has filed a chapter 11 reorganization plan the company says will significantly reduce Avaya’s pre-filing debt, strengthening its balance sheet and improve financial flexibility and position it for long-term success.

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Under the proposed plan, which must be approved by the United States Bankruptcy Court for the Southern District of New York a number of actions are proposed, including:

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Source: http://www.cio.com

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