Avaya Hits Ch. 11 In NY With More Than $1B In Debt

Law360, New York (January 19, 2017, 5:25 PM EST) -- Telecom giant Avaya Inc. and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection in New York on Thursday with more than $1 billion in debt, the same day it revealed its rejection of a $3.9 billion bid for its call-center software business.

Avaya submitted its Chapter 11 petition in New York bankruptcy court, with CEO Kevin Kennedy citing it as a "critical step" in its shift in focus from hardware to software and related services. The telecom company on the same day revealed in a U.S. Securities and Exchange Commission filing that it had rejected a $3.9 billion bid for...

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