August 17, 2017 12:04 PM ET

Software

Company Overview of Avaya Holdings Corp.

Company Overview

Avaya Holdings Corp. operates as a holding company which through its subsidiary, develops business collaboration and communications solutions worldwide. The company was formerly known as Sierra Holdings Corp. The company was incorporated in 2007 and is based in Santa Clara, California. On January 19, 2017, Avaya Holdings Corp. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York. It is in joint administration with Avaya Inc.

4655 Great America Parkway

Santa Clara, CA 95054

United States

Founded in 2007

Phone:

908-953-6000

Fax:

908-953-7609

Key Executives for Avaya Holdings Corp.

Chief Executive Officer, President, and Director
Age: 62
Chief Financial Officer and Senior Vice President
Age: 61
Chief Technology Officer and Senior Vice President
Age: 57
Chief Information Officer and Senior Vice President
Age: 56
Senior Vice President and President of Avaya Client Services
Age: 61
Compensation as of Fiscal Year 2017.

Avaya Holdings Corp. Key Developments

First Amended Reorganization Plan and Disclosure Statement Filed by Avaya Inc.

Avaya Inc. filed amended plan of reorganization with related disclosure statement in the US Bankruptcy Court on August 7, 2017. As per the amended plan filed, Administrative Claims of $150 million, Professional Fee Claims of $65 million, Priority Tax Claims of $14.40 million will be paid in full. First Lien Debt Claims of $4.38 billion will be paid 95.30% of the allowed amount. Holders of First Lien Debt Claims will receive remaining proceeds of the new secured debt, 91.50% of the reorganized common stock and the cash proceeds, if any, of second-lien call rights. Second Lien Notes Claims of $1.44 billion will recover approximately 1.60% of the allowed amount. Holders of Second Lien Notes Claims would receive 1% of the reorganized equity, and assuming the new secured debt is fully syndicated and second-lien lenders vote in favor of the plan, would also receive call rights to purchase between $250–500 million of the reorganized company’s equity for cash or, alternatively, 100% of the equity issued to first-lien creditors for cash, in each instance at a price calculated at the full amount of first-lien debt claims less any cash distribution to first-lien creditors. PBGC Claims of $1.24 billion shall receive PBGC Cash Consideration of $300 million and 7.5% of the Reorganized common stock. Holders of General Unsecured Claims of $305 million shall receive Pro Rata distribution in Cash from the General Unsecured Recovery Pool in an amount not to exceed 8.2% of such Holder’s Allowed General Unsecured Claim. Intercompany Interests will be reinstated. The treatment of all other classes of claims remains unchanged. The plan will be financed from cash in hand, Exit Facility, New Secured Debt of $2.93 billion, Second Lien Call Right of at least $250 million and maximum of $500 million and issuance of Reorganized HoldCo Common Stock.

Motion for Asset Sale Approved for Avaya Inc.

The US Bankruptcy Court ordered approving the sale of certain assets of of Avaya Inc. on May 30, 2017. The Court has authorized the debtor to sell the Networking Business to Extreme Networks, Inc., the stalking horse bidder, for a purchase price of $100 million pursuant to asset purchase agreement entered on March 17, 2017.

Notice of Cancellation of Auction Filed by Avaya Inc.

Avaya Inc. filed a notice in the US Bankruptcy Court for the cancellation of auction for the sale of its Networking Business on May 19, 2017. As per the notice filed, the debtor did not receive any qualified bids by the bid deadline of May 18, 2017 and therefore the auction scheduled for May 23, 2017 has been cancelled. The sale hearing is scheduled for May 25, 2017.

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