Avaya will be in the chapter 7 soon....few days or months to goo......Another Nortel?
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You don't need access to law360. You can read the objection on prime clerk. Basically, the creditors are stating that Avaya has not engaged them regarding the restructuring plan and that Avaya already knows that the creditors do not support the plan that was submitted.
cannot read the article without having the account and avaya reached max subscription trails:(
https://www.law360.com/articles/925792/avaya-faces-opposition-to-ch-11-exclusivity-extension
do you know something specific, or just speculating and venting?
The Avaya leaders are a bunch of greedy, selfish and useless jerks. Do you know they, including the directors of board, would get 330m when the bomb is handed over to the creditors?
It's all over but the crying. Creditors like Citibank have a fiduciary responsibility to the shareholders to make prudent business decisions. Taking ownership of a dying company in exchange for the debt owed by Avaya is not prudent. This would only defer the inevitable; the company will eventually be dismantled or sold off in pieces, so it makes much more sense to take what they can get now, before the value declines further. You can say anything you want about how the company is still getting sales, bla, bla, but the claims by management that we're getting hundreds of new contracts is utter nonsense. You just have to laugh at the arrogant posturing by the "leadership" as they continue to line their pockets at the expense of the employees. These do-nothing pretenders have driven this company into the ground and now expect people to believe that they're working hard to save Avaya. Let's face it, they're out, so why not drag it on as long as possible so they can continue to draw their big salaries and undeserved bonuses.
I dont think a Citibank is interesting in owning a UC/CC company, if they are interested in CH7 it is because they think they will get a better deal than what KK is presently offering. There was a 4B bid on the table before C11 suspect something like that will come in for CH7.
Ad hoc first lien group, headed by Citibank, owes more than 50% debts on avaya and they are not so silly enough to accept so-called debts to equity plan when the total liability filed is 15.8b. They would wait for c7 then place a good bid to wipe off all liabilities.
Of course they will end up in C-7. The lyin' leaders want you to believe everything is on track, but it's simply not the case. You only have to read the bankruptcy documents to see how the creditors are thinking. It's really disheartening that they put out BS FAQs to make you believe nothing is wrong, but it's clear that there are huge problems with the restructuring plan. Game over.