Thread regarding Avaya layoffs
I don't think severance is guaranteed
First of all, severance is not mandated by law. It's on the company if it wants to provide it or not. Second of all, most companies use bankruptcy as an excuse not to provide severance. Since there is no obligation to do it, it's an easy money saver. And third of all, this company doesn't care about employees enough to go out of its way and consider our wellbeing at a moment like this. If they can cut us without having to pay us anything, they will. My point here is that if you are staying because of severance, you might get a nasty surprise when layoffs start.
15h ago by Anonymous
3 replies (last 1m ago)
536 views | 1 reaction (+1/-0)
Post ID: @OP+1iakxBBL
2 replies (most recent on top)
In the US our contract expires June 24 2023. The convertible note that avaya owes 330 million is due June 2023. They will not be able to get an investor to loan them money to pay the note in June. The 600 million they raised recently ended up losing the investors about 100 million now they want their money back, part of the restrictions on the loan is that stock will not go below $1 which is in violation of the agreement, also investors are pi---d and threatening lawsuits if avaya doesn't file the mandatory 10k report immediately.
So, the 600 million they had now they have a little over 200 million left that was to be used for the notes. What I believe will happen is that avaya will not have any money to pay the notes next June 2023, no union contract, no severance for any union folks, avaya files chapter 11 to try survive, investors will force selling of avaya assets to recoup money. Company will go under. Anyone receiving a severance package and getting laid off is lucky as he-l.
Also notified today that we no longer have any of the government work, it was given to another vendor. Avaya was not allowed to bid on it due to financial situation. So anybody thinking they are safe due to clearance, think again, just ask your fsm if we have the contracts if you don't believe me.
When the cfo of Avaya says that the company might not survive then you need pay attention and do your research. Get out if you can...