Avaya Files for Chapter 11 Bankruptcy

Avaya Files for Chapter 11 Bankruptcy
A person arrives at the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, New York, on Jan. 9, 2020. Brendan McDermid/Reuters
Reuters
Updated:

Avaya Holdings Corp. has filed for Chapter 11 bankruptcy and secured a financing of $780 million as it restructures its business, the IT firm said on Tuesday.

Avaya said upon completion of the restructuring process it will reduce its total debt by more than 75 percent, from nearly $3.4 billion to about $800 million.