Feb 14, 2023 (Reuters) - Avaya Holdings Corp (AVYA.N) has filed for Chapter 11 bankruptcy and secured a financing of $780 million as it restructures its business, the IT firm said on Tuesday. Avaya said upon completion of the restructuring process it will reduce its total debt by more than 75%, from nearly $3.4 billion to about $800 million. How on earth does a company wipe out close to $3 billion in debt by filing for Chapter 11. This is insane!
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lol, welcome to America!
This is common in almost every country with a banking system
Not to the extent like in America. Most other countries you have personal consequences. Here you close a company through restructuring and then open a new one the next day. Companies are different from people here. Try doing this in other countries. Once your company files for bankruptcy no other bank with loan you money for any of your businesses
That's called chapter 11 restructuring. Creditors will be Happy to collect at least something