secwatch.observer — SEC 8-K summary
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Issuer:     Avaya Holdings Corp. (—)
CIK:        0001418100
Form:       8-K
Filed at:   2023-02-14T23:59:59+00:00
Accession:  0001193125-23-039349
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.04, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Avaya files Chapter 11 with prepackaged restructuring plan; expects no recovery for common stock
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/0001193125-23-039349-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1418100/000119312523039349/d811637d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-039349

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