We advised the prepetition term loan agent and escrow agent on the transaction

Davis Polk advised the prepetition term loan agent and escrow agent in connection with the chapter 11 restructuring of Avaya, Inc. and certain of its affiliates. On February 14, Avaya filed for chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas with a prepackaged plan of reorganization that reflected a consensual deal supported by an overwhelming majority of its financial stakeholders. On March 22, the Bankruptcy Court confirmed Avaya’s plan of reorganization and Avaya emerged from chapter 11 on May 1, 2023. The plan deleveraged Avaya’s balance sheet by approximately 75% and provided for approximately $810 million in exit term loan financing and approximately $128 million in exit ABL financing at emergence.

Avaya is a global leader in digital communications products, solutions and services for businesses of all sizes, delivering its technology predominantly through software and services. Avaya builds innovative open, converged unified communications and collaboration and contact center software solutions to enhance and simplify communications and collaboration in the cloud, on-premise or a hybrid of both.

The Davis Polk restructuring team included partner Brian M. Resnick and associate Michael Pera. The Davis Polk finance team included partner James A. Florack, counsel Benjamin Cheng and associate Davea Livingstone. All members of the Davis Polk team are based in the New York office.

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