Avaya Holdings Corp.: restructuring charge — Avaya cuts European workforce; estimates $45-51M restructuring charges

Avaya Holdings Corp.

European RIF authorized Jan 11, 2023; charges entirely cash-based, primarily employee severance.
Estimated pre-tax restructuring costs of $45-51 million, all expected in fiscal 2023.
Company may implement additional workforce reductions and other cost actions.
Ongoing constructive discussions with financial stakeholders to strengthen balance sheet.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Avaya Holdings Corp. announced a restructuring with charges of approximately $45 million to $51 million in pre-tax restructuring charges in connection with this reduction in force, all of which are expected to be in the for affecting Europe (employees in Europe).

Type: restructuring
Charge: approximately $45 million to $51 million in pre-tax restructuring charges in connection with this reduction in force, all of which are expected to be in the for
Affected area: Europe
Headcount: employees in Europe

Exact text from the filing

reduction in force is aimed at aligning the size of Avaya’s workforce with its operational strategy and cost structure. The Company estimates that it will incur approximately $45 million to $ 51 million in pre-tax restructuring charges in connection with this reduction in force, all of which are expected to be in the form of cash-based expenditures and

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Source: SEC EDGAR

accession 0001418100-23-000003

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