Avaya Holdings Corp (NYSE: AVYA) will likely file for chapter 11 bankruptcy. Earlier in the week, Avaya said it is considering restructuring proposals from creditor groups.
The technology company, Bloomberg reported, has been trying to clear problems around its accounting standards.
In August, the company said it was doubtful about continuing its operations. The company did not file a second-quarter earnings report and said it wouldn’t submit an annual report due to the investigations into its balance sheets.
Avaya previously filed for chapter 11 five years ago, and then it exited bankruptcy nearly a year later.
The report noted the company had tapped law firm Kirkland & Ellis LLP and turnaround adviser AlixPartners LLP to help explore restructuring options.
Price Action: AVYA shares are trading lower by 28.96% at $0.3660 in premarket on the last check Friday.
Photo Via Wikimedia Commons
See more from Benzinga
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Source: https://finance.yahoo.com/news/avaya-holdings-likely-file-bankruptcy-132503930.html