| Company enters into plan support agreement, files amended plan of reorganization, announces leadership transition... starting to see light at the end of the tunnel.
Six and a half months since filing for bankruptcy, Avaya today announced that it has entered into a plan support agreement (PSA), with a commitment from a critical group of first lien debt holders; revealed its intent to emerge from Chapter 11 as a public company; and gave notice that Jim Chirico, Avaya COO and global sales leader, will assume the position of CEO and join the board of directors, effective Oct. 1. Current CEO Kevin Kennedy will retire from that role, as well as from his board position, but remain as an advisor to the company.
Specifically on the PSA, the company said it has entered into a PSA with certain debt holders, including some organized into the Ad Hoc First Lien Creditor Group. These creditors represent more than 50% of the outstanding first lien debt, Avaya said in its press release.
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