Avaya Shares Drop 60% With Chapter 11 On The Horizon -- Market Talk

Dow Jones2022-12-17

1132 ET - Shares in Avaya are down 60% to around 20 cents as the company is nearing a chapter 11 bankruptcy filing to restructure its balance sheet and move past problems surrounding the company's accounting, WSJ reported on Thursday. Avaya recently disclosed proposals from its creditors on how to restructure its struggling business, including an option to file for bankruptcy, wiping out current shareholders in the process, and potentially to secure releases from any litigation against the company. The company has stoked controversy after it missed earnings subsequent to issuing $600M of debt to investors this summer. Avaya has since disclosed that there have been "potential material weaknesses in the company's internal control over financial reporting," and hasn't issued a quarterly earnings report since May. (alexander.saeedy@wsj.com; @ajsaeedy)

(END) Dow Jones Newswires

December 16, 2022 11:32 ET (16:32 GMT)

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