Second Exclusivity Extension Motion Requested by Avaya – Goal to Complete Restructuring within 90 Days
On July 13th, Avaya filed a second motion seeking to extend the exclusivity period by 60 days to the 16th of September. Extending Avaya’s exclusivity period helps keep stakeholders focused on negotiating the terms of the Plan that has been submitted. According to Avaya: “Nothing about our restructuring process has changed as a result of this development, and we still expect to emerge from the restructuring process within the next 60-90 days.”
This is a positive action by Avaya, the extension of the exclusivity period allows them to continue to negotiate directly with its creditors without having to navigate or defend against other competing reorganization plans that may not be in the best interest of Avaya’s shareholders and customers. Ultimately the extension should allow Avaya to negotiate a quicker resolution with its creditors.
Additionally, On July 14th, the sale of the Avaya Networking business to Extreme Networks closed in the US and most regions globally (in certain regions, the close will occur at a later date). The sale includes the complete Avaya Networking portfolio of wired, wireless, management and award-winning Fabric software. Altura has an existing relationship with Extreme Networks and will continue to service the needs of any Avaya Networking customers during this transition and moving forward.