Avaya nearing to file for bankruptcy protection
Posted on Monday, November 28th, 2016 at 5:31 pm
Multinational Internet-Telephone firm based in Santa Clara, Ca., Avaya is expected to file for Chapter 11 Bankruptcy to address their massive debts, as well as auction their assets, a report of Market Watch stated on November 25.
Reports revealed that the company had been burdened by too much debt and that the filing could come this coming December. According to records, Avaya has $6 billion worth in debts. People who are well-versed with the issue told reports that Avaya could only file for bankruptcy if they have first secured a buyer for the company. Sources also said that Avaya is being considered to be bought for $4 billion by Clayton Dubilier & Rice LLC. Avaya’s assets that will be liquidated are going to be used to settled some of their older debts. Avaya has been known for providing advanced business communication solutions.
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