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Avaya Bankruptcy DS Approved

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The U.S. Bankruptcy Court issued an order approving Avaya’s Disclosure Statement and scheduled a November 15, 2017 hearing to consider the First Amended Joint Chapter 11 Plan of Reorganization, with objections due by November 1, 2017.

As previously reported, “In developing the Plan, the Debtors engaged in good faith negotiations with many of their key stakeholders, including, among others, the Committee, PBGC and the Ad Hoc First Lien Group. The Plan is the culmination of those discussions and embodies a global settlement of issues between the Debtors, the Committee, PBGC, and the Ad Hoc First Lien Group (the ‘Global Plan Settlement’).”

In addition, “The components of the Global Plan Settlement include, among other things: (i) the PBGC Settlement, which, among other things, provides for the termination of the Avaya Salaried Pension Plan in exchange for certain consideration, on the terms and conditions set forth therein; (ii) the Valuation Settlement, which establishes a Settled Valuation for the Avaya Enterprise of $5.721 billion (which includes $201 million attributable to certain of the Debtors’ intellectual property) and the allocation of such value under the Plan in the nature of a settlement; and (iii) the Challenge Claims Settlement, which among other things, settles certain potential Claims and Causes of Action which could have been asserted on behalf of the Debtors….The Allowed PBGC Claims include $1,240,300,000 on account of unfunded benefit liabilities with respect to the Avaya Salaried Pension Plan, plus any and all unpaid minimum funding contributions due with respect to the Avaya Salaried Pension Plan.”

Read more Avaya bankruptcy news.

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


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