Deals
Avaya Creditor Franklin Said to Ask for Apollo, GSO Support
- TPG and Silver Lake’s leveraged buyout debt crimps company
- Franklin’s holdings include both first- and second-lien debt
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A group of Avaya Inc. creditors led by Franklin Resources Inc. has approached other senior lenders, including Apollo Global Management LLC and Blackstone Group LP, about jointly negotiating a $6 billion debt restructuring, according to people with knowledge of the matter.
Franklin held initial talks with Apollo and Blackstone Group’s credit arm GSO Capital Partners, which lead the first-lien debt holders, over pushing the struggling software and services provider to restructure its balance sheet, said the people, who asked not to be named because the discussions are private. Teaming up would make it easier to reach an agreement among investors and result in a more focused effort when dealing with the company, said one of the people.