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Avaya Bankruptcy Extension Approved

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The U.S. Bankruptcy Court approved Avaya’s motion to extend by 60 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 16, 2017 and November 15, 2017, respectively.

As previously reported, “The Debtors have engaged in direct discussions with key stakeholders, reflecting a substantial portion of their overall capital structure, in an effort to achieve a global resolution among such groups regarding their ultimate reorganization. While the confidential nature of these discussions preclude a more fulsome description at the present time, the Debtors strongly believe that the brief, 60-day continuation of the Exclusivity Periods will further these discussions and, hopefully, facilitate a successful conclusion in the near term. Conversely, terminating or limiting the Debtors’ exclusivity at this crucial juncture in these chapter 11 cases could jeopardize the progress made to date, and hinder the ongoing negotiations, which are aimed at providing a clear path to emergence for these estates.”

Read more Avaya bankruptcy news.

The post Avaya Bankruptcy Extension Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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