13:23 ET - Avaya Holdings files a prepackaged bankruptcy that it says has the overwhelming support of financial stakeholders. The communications company expects the plan will reduce total debt from about $3.4B to about $800M. Avaya gets commitments for $628M in debtor-in-possession financing, including a $500M new-money term loan from an investor group that includes Apollo Global Management and Brigade Capital Management. Avaya says the filing won't affect customers, partners, suppliers, vendors or employees. Shares were halted Tuesday morning. (josh.beckerman@wsj.com)
(END) Dow Jones Newswires
February 14, 2023 13:23 ET (18:23 GMT)
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