US Post Petition: Mitel launches chapter 11 case with lender-backed plan to cut debt by $1.15bn – Case Intro

Patrick Holohan - Managing Editor

10 March 2025

Overview

Mitel Networks filed for chapter 11 last night (March 9) with a plan that would cut $1.15bn from its balance sheet.

The plan sets up a debt-for-equity swap of the company’s prepetition debt, to be funded in chapter 11 with $60mn in new-money debtor-in-possession financing and post-bankruptcy with exit financing. General unsecured creditors are unimpaired and will be paid in full in the ordinary course of business.

A first day hearing on the DIP and other operational motions is scheduled for Tuesday (March 11) before Judge Christopher Lopez of the US Bankruptcy Court for the Southern District of Texas.

 

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