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SEE US AT THE IFA CONFERENCE
Moody as associates
to its Boston Corporate
& Securities Practice.
Makes Stalking Horse
Bid for Limited Stores
Limited Stores filed a
voluntary petition for
relief under Chapter 11
in the U.S. Bankruptcy
Court for the District of
Delaware. The company
entered into an asset
purchase agreement with
an affiliate of private
equity firm Sycamore
Partners to acquire the
contributing to the
2008 financial crisis.
Wessely Joins Blank
Rome as Cross-Border
joined Blank Rome
as a partner in the
Corporate, M&A and
Securities group and
He joins the firm from
Adds Two to Boston
Global law firm
added Barrett Wilson-
Murphy and Erin
fee examiner for the
Region 3, U.S. Trustee.
Settles $864MM Case
The Department of
Justice, 21 states and
the District of Columbia
reached a nearly $864
million settlement agreement with Moody’s
Moody’s Analytics and
their parent company,
arising from Moody’s
role in providing credit
ratings for residential
securities and collateral-ized debt obligations,
AVAYA FILES CHAPTER 11, CITIBANK
PROVIDES $725MM DIP
AVAYA filed voluntary petitions under Chapter 11 in
the U.S. Bankruptcy Court for the Southern District
of New York. The company obtained a committed
$725 million debtor-in-possession financing facility
underwritten by Citibank.
The company’s foreign affiliates are not included
in the filing and will continue normal operations.
Subject to court approval, the DIP financing, combined with the company’s
cash from operations, is expected to provide sufficient liquidity during the Chapter
11 case to support Avaya’s continuing business operations and minimize disruption.
“We have conducted an extensive review of alternatives to address Avaya’s
capital structure, and we believe pursuing a restructuring through Chapter
11 is the best path forward at this time,” said Kevin Kennedy, Avaya’s CEO.
“Reducing the company’s current debt through the Chapter 11 process will best
position all of Avaya’s businesses for future success.”
As part of Avaya’s assessment of options to address its capital structure, the
company evaluated expressions of interest in various Avaya assets, including
its contact center business. After evaluation in consultation with its financial
and legal advisors, the Avaya board of directors determined that focusing
on the company’s debt structure was paramount and a sale of the contact
center business would not maximize value for Avaya’s customers and all of its
stakeholders. Avaya remains in ongoing negotiations to monetize certain other
assets, as appropriate, to maximize value for all stakeholders.
“This is a critical step in our ongoing transformation to a successful software
and services business. Avaya’s current capital structure is over 10 years old
and was put in place to support our business model as a hardware-focused
company, which has evolved significantly since that time. Now, as a result of
the terms of Avaya’s debt obligations and the upcoming debt maturities, we
need to recapitalize the company,” Kennedy said.
Avaya provides a portfolio of software and services for contact center and
unified communications with integrated, secure networking offered on premises,
in the cloud or a hybrid. n