Court Approves Mitel's Reorganization Plan
Ottawa, Ontario-based Mitel Networks said Thursday that the U.S. Bankruptcy Court for the Southern District of Texas approved its reorganization plan. Mitel filed for Chapter 11 bankruptcy protection last month. “Completion of the Company’s restructuring process is expected within the…
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current calendar quarter, resulting in significantly less debt, and a stronger capital structure that will support future growth,” it said. The plan was “designed to position the Company to address the growing market demand for hybrid communications solutions and ensure continued support for Mitel’s more than 70 million users across over 100 countries.”