Reports reveal Avaya Holdings nearing Chapter 11 bankruptcy filing

Tech

Reports reveal Avaya Holdings nearing Chapter 11 bankruptcy filing

There is trouble ahead for Avaya Holdings Corp., with reports indicating that it would likely soon file for bankruptcy protection.

According to Reuters, the Wall Street Journal reported yesterday that the “company is reaching a Chapter 11 bankruptcy filing to restructure its balance sheet, in a bid to turn around its business and move past accounting problems.”

A Reuters article stated that the company “was in talks with its financial stakeholders regarding a comprehensive resolution to strengthen its balance sheet.”

Company shares at the end of trading Thursday plunged to US$0.52, which compares to a high price earlier this year of US$21.65. An article on Stocks Register indicated that Avaya shares had dropped by 12.53 per cent from its closing price on the previous day.

The post Reports reveal Avaya Holdings nearing Chapter 11 bankruptcy filing first appeared on IT World Canada.

Leave a Reply