--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-039349" form_type: "8-K" ticker: null cik: "0001418100" company_name: "Avaya Holdings Corp." filed_at: "2023-02-14T23:59:59+00:00" generated_at: "2026-06-19T13:31:24.126477+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Avaya files Chapter 11 with prepackaged restructuring plan; expects no recovery for common stock ## Summary - Filed Chapter 11 on Feb 14; RSA with >90% of first-lien lenders; no recovery for common stock. - Debt in default: ~$1.9B term loan, ~$1B secured notes, ~$250M exchangeable notes, ~$220.6M convertibles, ~$95M ABL. - Obtained $500M DIP term loan and $128M DIP ABL commitments; exit facilities expected total ~$928M. - $150M backstopped rights offering for exit term loans; $30M premium payable in shares to backstops. - Amended RingCentral agreement; Avaya remains exclusive ACO sales agent; financial obligations modified. ## SEC filing metadata - accession: 0001193125-23-039349 - form_type: 8-K - cik: 0001418100 - company_name: Avaya Holdings Corp. - filed_at: 2023-02-14T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.01, 1.03, 2.04, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/d811637d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-039349 - JSON: https://secwatch.observer/filing/0001193125-23-039349.json - Plain text: https://secwatch.observer/filing/0001193125-23-039349.txt ## Key facts - Debt Financings Avaya Holdings Corp. reported a default on term loan of approximately $1.9 billion of outstanding borrowings. - Instrument: term loan - Principal: approximately $1.9 billion of outstanding borrowings - Event: default source text: • Approximately $1.9 billion of outstanding borrowings under the Term Loan Credit Agreement. evidence_url: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm - Debt Financings Avaya Holdings Corp. reported a default on senior notes of approximately $250 million in outstanding aggregate principal amount with Wilmington Trust, National Association at 8.00% maturing due 2027. - Instrument: senior notes - Principal: approximately $250 million in outstanding aggregate principal amount - Counterparty: Wilmington Trust, National Association - Rate: 8.00% - Maturity: due 2027 - Event: default source text: • Approximately $250 million in outstanding aggregate principal amount of Exchangeable Notes issued pursuant to the Indenture, dated as of July 12, 2022, by and among OpCo, the guarantors party thereto and Wilmington Trust, National Association, as trustee, exchange agent and notes collateral agent evidence_url: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm - Debt Financings Avaya Holdings Corp. reported a default on convertible notes of approximately $220.6 million in outstanding aggregate principal amount with The Bank of New York Mellon Trust Company, N.A. at 2.25% maturing due 2023. - Instrument: convertible notes - Principal: approximately $220.6 million in outstanding aggregate principal amount - Counterparty: The Bank of New York Mellon Trust Company, N.A. - Rate: 2.25% - Maturity: due 2023 - Event: default source text: The filing of the Chapter 11 Cases constitutes an event of default that accelerated and, as applicable, increased certain obligations under the following debt instruments and agreements (the " Debt Instruments "): • Approximately $220.6 million in outstanding aggregate principal amount of the Company’s 2.25% convertible senior notes due 2023 issued pursuant to the Indenture, dated as of June 11, 2018, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee evidence_url: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm - Debt Financings Avaya Holdings Corp. reported a default on senior notes of approximately $1.0 billion in outstanding aggregate principal amount with Wilmington Trust, National Association at 6.125% maturing due 2028. - Instrument: senior notes - Principal: approximately $1.0 billion in outstanding aggregate principal amount - Counterparty: Wilmington Trust, National Association - Rate: 6.125% - Maturity: due 2028 - Event: default source text: • Approximately $1.0 billion in outstanding aggregate principal amount of Secured Notes issued pursuant to the Indenture, dated as of September 25, 2020, among OpCo, the guarantors party thereto and Wilmington Trust, National Association, as trustee and notes collateral agent evidence_url: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm - Debt Financings Avaya Holdings Corp. reported a default on credit facility of approximately $95 million of outstanding borrowings, including letters of credit with Citibank, N.A.. - Instrument: credit facility - Principal: approximately $95 million of outstanding borrowings, including letters of credit - Counterparty: Citibank, N.A. - Event: default source text: • Approximately $95 million of outstanding borrowings, including letters of credit, under the ABL Credit Agreement, dated as of December 15, 2017 (as amended by Amendment No. 1, dated as of September 25, 2020), among the Company, OpCo, Avaya Canada Corp., Avaya UK, Avaya International Sales Limited, Avaya Deutschland GmbH, Avaya GmbH & Co. KG, Citibank, N.A. as collateral agent and administrative agent evidence_url: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm - Distress & Bankruptcy Avaya Holdings Corp. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-02-14). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the Southern District of Texas - Petition: 2023-02-14 source text: On February 14, 2023 (the " Petition Date "), the Company Parties commenced the Chapter 11 Cases in the United States Bankruptcy Court for the Southern District of Texas (the " Bankruptcy Court "). evidence_url: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm - Material Agreements Avaya Holdings Corp. entered into Restructuring Support Agreement with ad hoc groups of lenders and noteholders (Consenting Stakeholders) and RingCentral, Inc. (effective 2023-02-14). - Action: entry - Counterparty: ad hoc groups of lenders and noteholders (Consenting Stakeholders) and RingCentral, Inc. - Effective: 2023-02-14 source text: On February 14, 2023, Avaya Holdings Corp. (the “ Company ”) and certain of its direct and indirect subsidiaries (together with the Company, the “ Company Parties ”) entered into a Restructuring Support Agreement (together with all exhibits and schedules thereto, the “ RSA ”) with (a) members of ad hoc groups of lenders and noteholders (collectively, the “ Consenting Stakeholders ”) evidence_url: https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.