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The following is an Avaya press release announcing that it has filed its plan of reorganization with the bankruptcy court. Pay particular attention to the last two bullet points that Avaya proposes to continue to honor and maintain its qualified U.S. pension plans and honor its two bargaining agreements.
Regularly visit our Chapter’s website at: http://www.nrln.org/CHAPTERS/AVAYA/avayachapter.html. Also, urge any other Avaya retirees and employees who are not receiving my emails to sign-up at: http://www.123contactform.com/form-2450889/Avaya-Contact-Registration-Form .
Vern Larson, President, Avaya Retirees Chapter
National Retirees Legislative Network
Avaya Investors Relations
Press Release – April 13, 2017
“We are pleased to have filed the Plan, which is a crucial step forward in our effort to recapitalize Avaya’s balance sheet and create a stronger and healthier company that can create even more value for our customers,” said Kevin Kennedy, Chief Executive Officer of Avaya. “We look forward to working closely with all stakeholders over the coming weeks and months to refine the Plan and build consensus.”
Under the proposed Plan, which will continue to evolve as Avaya works toward creditor consensus and confirmation by the Court, among other things, the following items are contemplated:
Avaya has requested that the Court schedule a hearing on May 25th to consider approval of the Disclosure Statement related to the Plan. Following Court approval of the Disclosure Statement, Avaya will distribute the Plan and Disclosure Statement to voting creditors for their consideration.
Kennedy added, “Our normal business operations are running well, and we continue to sign significant customer renewals and new customer contracts. In addition, the Company’s consolidated balance sheet now has more than $750 million in cash, reflecting DIP financing proceeds and positive cash flow from operations. We remain confident in our ability to maximize value for all of our stakeholders and to complete our balance sheet restructuring as soon as reasonably possible.”
This press release is not intended as solicitation for a vote on the Plan. The full terms of the Plan and Disclosure Statement, as well as the related pleadings, are available online at: https://cases.primeclerk.com/avaya.
Centerview Partners LLC and Zolfo Cooper Management, LLC are Avaya’s financial and restructuring advisors and Kirkland & Ellis LLP is the Company’s restructuring counsel.
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The NRLN Avaya Retirees Chapter has been working on our data base trying to build a comprehensive Avaya retirees email list to be able to send news releases and updates about Avaya pension and benefits to those that are retired.
Our Chapter is representing all Avaya Retirees, Management, Office Salaried employees and both Office and Hourly Union Represented employees. There are currently around 8,000 Management retirees and a little over 7,000 in the Union represented pension plans. You can understand how much we can grow with your help.
We recently were able to collect around 700 additional names and some contact information from the OneExchange Insurance meetings held in Denver, Shreveport. LA, Basking Ridge, NJ and Omaha. We are in the final stages of data entry for the all these names at this time. Trying to read and decipher some of the names and other data are difficult and very time consuming.
To help with the updated data collection I am attaching a hot link that will take you to a web form that you can fill out and will be mailed back to me so I can create a data base of former retirees from all the different locations around the country. The Avaya Chapter of the NLRN would appreciate for all Avaya retirees that have not already registered to click on the form and submitting it back to us: http://www.123contactform.com/form-2450889/Avaya-Contact-Registration-Form . It is easy as 123…
Also, check out our NRLN and the Avaya Retirees Chapter’s webpage often for new information. To learn more about the NRLN at www.nrln.org.
Thanks in advance for your support in creating a strong NRLN Avaya Retirees Chapter to serve as your voice on the protection of our pension and other retirement security issues.
Please email or call with your questions or concerns.
Regards and Thank you.
Vern Larson, President
NRLN Avaya Retirees Chapter 402-203-6899 or email@example.com
Jeff Orley, Executive Member of Membership Committee
402-580-3743 - firstname.lastname@example.org
Cory Aesoph-Mangiaruca, Executive Officer for Union Retirees
Rick Madej, Executive Officer for Union Retirees
Tom Vierk, Executive Member of Accountancy
National Retiree Legislation Network – Avaya Retirees Chapter Contribution Form The NRLN is a nonprofit, tax-exempt organization. Contributions are not tax deductible.
Age __under 55; __ 55-64; __ 65 or over
Email Address (if available)____________________________
I get my retirement benefits from______________________________(name of company)
Mail with your check or money order (no cash) for $25, $50, $75 or more (any amount will be appreciated) payable to NRLN, Inc., P.O. Box 18757, Washington, D.C. 20036-8757