Mitel Confirms Chapter 11 Bankruptcy Plan To ‘Optimise Capital Structure’
Mitel has confirmed that it has filed for voluntary Chapter 11 bankruptcy to “optimise its global operations and drive profitable and predictable growth”.
Mitel has announced an agreement to restructure its debt with a group of its senior lenders, some junior lenders, and other key stakeholders. To carry out the reorganisation, Mitel and some of its affiliates have started soliciting approval for a joint prepackaged reorganisation plan and have filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in the Southern District of Texas.
“For over 50 years, Mitel has pioneered and adapted to the ever-changing communications industry, shaping how organisations worldwide connect and communicate,” said Tarun Loomba, Chief Executive Officer of Mitel.
We are confident the steps we are taking to optimise our capital structure will make us a stronger company primed for efficient and sustainable growth. Our strengthened capabilities at the end of this process will ensure our ability to continue to support customers and partners with innovative solutions, incorporating emerging technologies and meeting their evolving needs for secure, reliable communications solutions for years to come."
Initially reported last week, Mitel assures customers and partners that its “global business will continue to operate in its normal course” during the financial reorganisation and that vendors are expected to be paid in full. As part of the Chapter 11 process, Mitel is seeking approval to continue paying employees’ salaries and benefits in full.
Asana’s Duskin Moskovitz to Retire as CEO, Lead AI Strategy as Chair
Asana has announced that its CEO and Cofounder, Duskin Moskovitz, is retiring from his current position and will transition to the role of Chair once a new CEO is appointed.
Asana states that Moskovitz will remain CEO until a successor is in place and plans to retain his shareholdings. The company adds that it has hired an executive search business to begin the search for the work management business’s next chief exec.
“As I reflect on my journey since co-founding Asana nearly 17 years ago, I’m filled with immense gratitude,” Moskovitz said. "Creating and leading Asana has been more than just building a company—it’s been a profound privilege to work alongside some of the most talented minds in the industry to build a platform that is trusted by over 85 percent of Fortune 500 companies today."
