Avaya Discusses Bankruptcy That Would Give Lenders Control
- Company negotiating with lenders including Apollo, Ares
- Firm also started discussions about bankruptcy financing
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Avaya Holdings Corp. has held talks with lenders over a plan that could hand them control of the company as part of a bankruptcy filing, according to people with knowledge of the situation.
The Chapter 11 filing, which allows a company to keep operating while working out a plan to repay creditors, could come as soon as the end of the month, said the people, who asked not to be identified because the matter is private. The company has been in negotiations with first-lien lenders including Apollo Global Management, Ares Management and Invesco, the people added.