Avaya Holdings Likely To File For Bankruptcy: Report

  • Avaya Holdings Corp AVYA will likely file for chapter 11 bankruptcy. Earlier in the week, Avaya said it is considering restructuring proposals from creditor groups.
  • The technology company, Bloomberg reported, has been trying to clear problems around its accounting standards.
  • In August, the company said it was doubtful about continuing its operations. The company did not file a second-quarter earnings report and said it wouldn’t submit an annual report due to the investigations into its balance sheets.
  • Avaya previously filed for chapter 11 five years ago, and then it exited bankruptcy nearly a year later.
  • The report noted the company had tapped law firm Kirkland & Ellis LLP and turnaround adviser AlixPartners LLP to help explore restructuring options.
  • Price Action: AVYA shares are trading lower by 28.96% at $0.3660 in premarket on the last check Friday.
  • Photo Via Wikimedia Commons
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