After examining numerous conceivable options for the restructuring of Avaya, Avaya Inc. and certain US-American subsidiaries decided for the voluntary restructuring (protection of creditors) according to Chapter 11 U. S. Bankruptcy Code in January. Foreign subsidiaries were not affected by the submission of the application.
On October 3, Avaya filed SEC Form 10 with the Securities and Exchange Commission. This is the first formal step on the way to becoming a publicly quoted company after the end of the Chapter 11 proceedings. Our amended restructuring plan is supported by the creditors and PBGC (U. S. Pension Benefit Guaranty Corporation).
The court has approved the Disclosure Statement and Plan Support Agreement. This is also supported by the creditors, who account for 2/3 of the sum of all secured liabilities (first lien debt). The court has granted Avaya's request for renewal of our exclusive right to submit a plan until November 30, 2017. By extending the exclusivity period, all stakeholders can focus on the amended plan that has already been submitted.
Avaya began to obtain votes for the amended plan on September 8. This process will end on 27 October. The timetable also provides for the court to approve our restructuring plan at the hearing scheduled for 28 November, thus paving the way for Avaya to end Chapter 11.