Avaya, Inc. filed a pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on February 14, 2023. As per the plan filed, administrative claims, professional fee claims, priority tax claims, other priority claims of $22 million, DIP term loan claims, DIP ABL facility claims, other secured claims $17 million, prepetition ABL claims (revolving credit facility) of $56 million, prepetition ABL claims (letter of credit) of $39 million, Payment of Restructuring Expenses and B-3 Escrow Claims of $221 million will be paid in full in cash. First Lien Claims shall be deemed Allowed in the following amounts i.e. Legacy Term Loan Claims of $1,552 million, B-3 Term Loan Claims of $112.36 million, Legacy Notes Claims of $1,059 million, and Secured Exchangeable Notes Claims of $280.65 million, total of $3,006 million will be recovered 24.1%, i.e., $724.45 million in the form of debt, equity and right offerings.

Non-HoldCo General Unsecured Claims of $219 million will be paid in full in cash. Section 510 Claims and HoldCo Convertible Notes Claims of $221 million shall receive no distribution and hence, cancelled. Intercompany Claims and Intercompany Interests shall be reinstated.

Existing Avaya Interests shall be cancelled. The plan shall be funded from the Exit Facilities, proceeds from the Rights Offering, the New Equity Interests, and the Debtors' Cash on hand. Avaya, Inc. filed a modified joint pre-packaged plan of reorganization in the US Bankruptcy Court on March 21, 2023.

As per the plan filed, there are no changes in the treatment of any claim class or sources of plan funding.