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Feb 14 (Reuters) - Avaya Holdings Corp (AVYA.N) has filed for Chapter 11 bankruptcy and secured a financing of $780 million as it restructures its business, the IT firm said on Tuesday.

Avaya said upon completion of the restructuring process it will reduce its total debt by more than 75%, from nearly $3.4 billion to about $800 million.

The new capital is "expected to provide substantial liquidity to support Avaya during the process and beyond," it said.

The cloud communications company added it would continue to serve its customers and partners without interruption and expects to complete the process in 60 to 90 days.

Avaya had said there was substantial doubt about its ability to continue as a going concern in light of a debt maturity in 2023, according to a Wall Street Journal report in December, which cited people familiar with the matter.

Earlier in September, Avaya has also announced restructuring, including job cuts, to reduce costs. Avaya's shares have fallen nearly 99% last year.

Latest Updates

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Evercore Group is serving as financial advisor to Avaya for the process.

Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

Tue, 14 Feb 2023 06:51:00 -0600 Reuters en text/html https://www.reuters.com/technology/avaya-files-chapter-11-bankruptcy-2023-02-14/ Killexams : Avaya Wipes Out Shareholders In Bankruptcy

Avaya headquarters located in Silicon Valley — Sundry Photography

After protracted negotiations with creditors, ailing digital communications solutions provider Avaya (AVYA) finally filed for bankruptcy on Tuesday.

As the restructuring support agreement has been signed by more than 90% of the company's secured lenders, implementation should go swiftly with Avaya expected to emerge as a private company within the next 60 to 90 days.

Completing the Financial Restructuring will reduce the Company’s total debt by more than 75%, from approximately $3.4 billion today to approximately $800 million. Additionally, it will substantially increase Avaya’s cash and strengthen its liquidity position, resulting in an expected emergence balance sheet with less than 1x net leverage.

The company has received commitments for an aggregate $628 million in debtor-in-possession (“DIP”) financing, including a new $500 million term loan facility from secured creditors Apollo Global Management (APO) and Brigade Capital Management, among others.

In addition, a bank syndicate led by Citigroup (C) will provide a new $128 million asset-based lending ("ABL") facility.

Following completion of the restructuring, both loans will be rolled into exit facilities.

Moreover, a number of secured creditors have agreed to backstop a $150 million rights offering at exit.

In aggregate, Avaya has secured almost $780 million in new capital which together with cash on hand and cash generated from operating activities, is expected to provide substantial liquidity to support the company during the restructuring process and beyond.

Lastly, the company has restructured its strategic partnership with RingCentral (RNG) with RingCentral's $125 million in the company's 3% Series A Convertible Preferred Shares being cancelled:

Avaya will continue to act as the exclusive sales agent for direct and partner sales of Avaya Cloud Office, Avaya’s exclusive multi-tenanted cloud PBX solution, in the geographies where it is available. The partnership has also expanded to include additional go-to-market constructs that enable Avaya to sell Avaya Cloud Office to its installed base on a direct basis. In addition, Avaya will be compensated in cash as Avaya Cloud Office seats are sold and, in connection with the Financial Restructuring, RingCentral’s preferred stock in Avaya will be eliminated.

As predicted by me for some time already, common equity holders will be wiped out at the end of the restructuring process as clearly stated in the company's Public Equity Investors FAQ:

Existing equity holders should note that the NYSE is expected to commence delisting proceedings with the common shares likely to start trading on the Pink Sheets on Wednesday or later this week.

Please note that investors with short positions in the common shares won't be required to cover.

Not surprisingly, Avaya is handing over ownership of the ailing company to secured creditors in bankruptcy to reduce debt and get access to additional liquidity.

With Avaya expected to emerge as a private entity within the next 60 to 90 days, common shareholders should sell their holdings and move on as soon as the stock commences trading on the Pink Sheets later this week.

Editor's Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.

Tue, 14 Feb 2023 12:18:00 -0600 en text/html https://seekingalpha.com/article/4578338-avaya-stock-wipes-out-shareholders-in-bankruptcy Killexams : Avaya Files for Second Bankruptcy in Six Years After Big Earnings Miss

Avaya Holdings Corp. on Tuesday filed for chapter 11 for the second time in six years as it struggles to transform itself from a traditional office telecommunications equipment business into a subscription-based software provider.

The company said it filed in the U.S. Bankruptcy Court in Houston with a plan supported by most senior lenders to cut its debt by more than 75%, to roughly $800 million from $3.4 billion, and turn the page on an earnings miss last year that depressed the prices of its debt and stock.

Avaya...

Tue, 14 Feb 2023 11:59:00 -0600 Alexander Gladstone en-US text/html https://www.wsj.com/articles/avaya-files-for-bankruptcy-after-big-earnings-miss-14103837 Killexams : Avaya Filed Chapter 11. The Stock Is Worthless.

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Tue, 14 Feb 2023 06:31:00 -0600 en-US text/html https://www.barrons.com/articles/avaya-stock-bankruptcy-worthless-af4ffdb7 Killexams : Avaya Files For Chapter 11 Bankruptcy After Cloud Subscription Accounting Woes

Networking News

Gina Narcisi

February 14, 2023, 02:47 PM EST

The UC giant, which is filing for bankruptcy for the second time in six years, listed in its filing unsecured claims valued in millions from the likes of Verint Americas, Microsoft and solution provider giant SHI International. Avaya’s CEO says the company is poised for a ‘transformation.’

Struggling unified communications giant Avaya Holdings Corp. filed for Chapter 11 bankruptcy protection Tuesday in federal court in Texas.

The filing follows months of speculation of a bankruptcy declaration following Avaya’s 2023 cloud subscription accounting problems that led to substantial earnings and revenue target misses.

Durham, N.C.-based Avaya said in a press release that “these actions will not impact the company’s customers, channel and strategic partners, suppliers, vendors or employees.”

In its bankruptcy court filing, Avaya lists total assets of between $1 billion and $10 billion and total liabilities of between $1 billion and $10 billion. The company lists its number of creditors as being between 25,001 and 50,000.

The firm in the court filing lists the creditors with the largest unsecured claims include Verint Americas in the amount of $22.93 million; Microsoft for $9.01 million; Wistron Corp. for $8.9 million; and solution provider giant SHI International for $7.71 million.

Avaya previously filed for bankruptcy in 2017.

Avaya’s stretch of financial difficulties began in May when the company reported that it had missed its revenue target and posted a considerable earnings miss with revenue that declined 20 percent during the company’s third-quarter 2023, which ended June 30, 2023. The company then made the move to replace Jim Chirico, the company’s CEO since 2018. Alan Masarek was brought on in August as president and CEO after serving as Vonage’s CEO for six years.

“I joined Avaya to help unlock the power of its iconic brand, global customer footprint, massive partner ecosystem, large-scale communications deployments and outstanding team,” Masarek said in a statement published on Tuesday. “Strengthening Avaya’s capital structure is a critical step to fully realize our transformation, and we are excited to move ahead as a well-capitalized company with one of the strongest balance sheets in our industry that includes substantial cash to invest in our own success.”

In late December, Avaya said its stock could be delisted from the New York Stock Exchange because the average closing price of the its common stock was less than $1 over a consecutive 30 trading-day period.

Completing the financial restructuring will reduce the company’s total debt by more than 75 percent, from approximately $3.4 billion today to approximately $800 million, Avaya said. Additionally, Avaya said it has secured committed financing of approximately $780 million.

The financial restructuring will provide the company improved financial flexibility to boost up its investment in communications products, solutions and services for customers, including the Avaya Experience Platform, its cloud-based Contact Center offering, Avaya said.

Avaya’s strategy includes a multistep process of shifting its portfolio and customers entirely to cloud—whether it’s private, multitenant or somewhere in between. It will also include a “cultural revitalization” that will allow Avaya to bring in the right talent for the work ahead, Masarek told CRN in an interview when he joined the company.

The company said it expects this financial restructuring to be completed within 60 to 90 days.

Kirkland & Ellis LLP is serving as legal counsel to Avaya, Evercore Group L.L.C. is serving as financial advisor and AlixPartners LLP is serving as restructuring advisor.

Gina Narcisi

Gina Narcisi is a senior editor covering the networking and telecom markets for CRN.com. Prior to joining CRN, she covered the networking, unified communications and cloud space for TechTarget. She can be reached at gnarcisi@thechannelcompany.com.

Tue, 14 Feb 2023 00:47:00 -0600 en text/html https://www.crn.com/news/networking/avaya-files-for-chapter-11-bankruptcy-after-cloud-subscription-accounting-woes Killexams : Avaya files for bankruptcy, draws $780M in new financing

Avaya Holdings (NYSE:AVYA) has filed for Chapter 11 bankruptcy, pursuing a prepackaged plan to cut its debt and shore up the balance sheet as it had signaled in recent weeks.

The company said its Restructuring Support Agreement has support of more than 90% of its secured lenders, and that the agreement should allow for an expedited restructuring it can complete in 60 to 90 days with no disruption to paying vendors, suppliers or employees.

The move will cut total debt by more than 75% - to about $800M from a current $3.4B. The resulting balance sheet will have less than 1x net leverage, Avaya said.

It's received commitments for $628M in debtor-in-possession financing, including a $500M new-money term loan, and a $128M ABL facility - both of which will roll into exit facilities once the restructuring is complete.

Some in the investor group have committed $150M in additional new-money financing at exit, meaning a total committed financing of $780M.

Avaya also said it has extended and expanded its partnership with RingCentral (NYSE:RNG). It will continue to act as the exclusive sales agent for direct and partner sales of Avaya Cloud Office, and be compensated in cash as those seats are sold.

"Strengthening Avaya’s capital structure is a critical step to fully realize our transformation, and we are excited to move ahead as a well-capitalized company with one of the strongest balance sheets in our industry that includes substantial cash to invest in our own success," said Avaya CEO Alan Masarek.

Tue, 14 Feb 2023 10:00:00 -0600 en text/html https://seekingalpha.com/news/3935861-avaya-files-bankruptcy-draws-780m-in-new-financing Killexams : Avaya Shareholder Notice

Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Avaya To Contact Him Directly To Discuss Their Options

New York, New York--(Newsfile Corp. - February 16, 2023) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Avaya Holdings Corp. ("Avaya" or the "Company") AVYA and reminds investors of the March 6, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Avaya stock or options between November 22, 2021 and November 29, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/AVYA.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

Avaya provides software products for business collaboration and contact center management. Since October 2019, Avaya has been engaged in a strategic collaboration with RingCentral, Inc., which has accelerated Avaya's transition to the cloud. The new operating system, Avaya Cloud Office by RingCentral ("ACO"), was supposed to allow Avaya to monetize its small to medium business customer base immediately while concomitantly allowing it to focus on the development of a next-generation cloud contact center.

But as the Avaya class action lawsuit alleges, defendants failed to disclose that: (1) the RingCentral partnership came with onerous requirements that were crippling Avaya's business metrics and financial prospects, including that Avaya granted RingCentral exclusive rights to certain products to its customers, meaning that Avaya had to discontinue certain of its own product offerings that had only recently begun achieving momentum, and that ACO conflicted with other Avaya product offerings, causing Avaya to have to alter those offerings, resulting in Avaya losing some important members of its executive team; (2) the arrangement with RingCentral had exposed Avaya to losses as RingCentral paid Avaya commissions up front, which would need to be returned if Avaya later missed on sales thresholds; and (3) Avaya had defective internal controls which prevented its senior executives from formulating accurate budgets and forecasts.

On July 28, 2023, Avaya announced the termination of its Chief Executive Officer James M. Chirico, Jr.. The Company also announced preliminary Q3 2023 financial results that included expected revenues and adjusted EBITDA well below previously given guidance and an unquantified but "significant" impairment charge. In addition, Avaya withdrew its 2023 guidance.

On this news, Avaya's stock price fell $1.19 per share, or 56.99%, to close at $0.90 per share on July 29, 2023.

Then, on August 9, 2023, Avaya announced that: (1) it determined there was substantial doubt about its ability to continue as a going concern; (2) it would not timely file its financial statements for the quarter ended June 30, 2023; (3) its Audit Committee commenced internal investigations into circumstances surrounding the Company's financial results for the quarter; and (4) the Audit Committee also commenced an investigation into matters raised by a whistleblower.

On this news, Avaya's stock price fell $0.51 per share, or 45.54%, to close at $0.61 per share on August 9, 2023.

Finally, before the market opened on November 30, 2023, Avaya disclosed in a Current Report filed on Form 8-K with the SEC that "control deficiencies management had been reviewing represent material weaknesses in the Company's internal control over financial reporting" and that "management's assessment of ICFR included in Item 9A of the Company's Annual Report on Form 10-K for its fiscal year 2021 ended September 30, 2021, filed with the [SEC] on November 22, 2021 should no longer be relied upon." Specifically, the Form 8-K stated that the Company "did not design and maintain effective controls related to the information and communication component of the Committee of Sponsoring Organizations of the Treadway Commission framework," "did not design and maintain effective controls to ensure appropriate communication between certain functions within the Company," and "did not design and maintain effective controls over the ethics and compliance program."

On this news, Avaya's stock price fell $0.16 per share, or 14.28%, to close at $0.96 per share on November 30, 2023.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Avaya's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155114

Thu, 16 Feb 2023 13:02:00 -0600 en text/html https://www.benzinga.com/pressreleases/23/02/30955039/avaya-shareholder-notice Killexams : Avaya files for Chapter 11 bankruptcy A arrives at the U.S. District Bankruptcy Court for the Southern District of New York in New York

A arrives at the U.S. District Bankruptcy Court for the Southern District of New York in New York

(Reuters) - Avaya Holdings Corp has filed for Chapter 11 bankruptcy and secured a financing of $780 million as it restructures its business, the IT firm said on Tuesday.

CONSTELLATION BRANDS, INC.