Avaya is one of the largest providers of enterprise communications products and services. It is a complex company of 158 separate entities that employ about 9,700 people worldwide. Most of its entities in North America, representing about 3,800 of its employees, filed for Chapter 11 reorganization earlier this year.
Avaya reported 2016 revenue at $3.7 billion. Despite an annual adjusted EBITDA of $940 million and positive free cash flow, it has a debt problem. It owes about $6 billion due to multiple investors spread over multiple maturity dates over the next several years.