Here in Germany I take the retirement package after many happiness years with Avaya and wish everyone good luck but I cannot see how Avaya can pays $50m+ for the 120 Avaya peoples that also take the package. Where are these payments coming from ?
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They are making the up by reducing by SUBSTANTIALLY reducing the severance payout to US employees that will be on the block come Monday. If you dont believe me check the severance docs which were just updated and reduced. > than 6 years of service? Too bad…you only get about 6 weeks pay max.
That is a disgrace. For those being let go, this is a blessing in disguise. Many better places to work out there…good luck.
All thanks to 2’nd and 3rd string Avaya non Leaders…what a shame.
Off-Balance-Sheet-Funds See ENRON.
The scope of people not understanding how Avayas shifting of realities and financial engineering has reached it's limit is fascinating. AVAYA will NOT be OK BOD will likely be exposed for wrong doing
Hey SOX USA ..... Absolutely correct the BOD has access to funds that the Company does not have to report in its books it's off balance sheet funds, Avaya will be ok the BOD will just make these rainy day funds as you call it available to the Company.
Hey SOX USA--
There is NEVER a Rainy Day Fund for a publicly traded company. Ever. There is no such thing, per Accounting Rules. If there was money it would be held and referred to as "Reserves". A reserve is profits that have been appropriated for a particular purpose. AVAYA is a company that is drowning in debt. Debt that will soon likely be tied to defaulted loans. Thus, very expensive debt. Thus its only cash is borrowed, and it's borrowed with such high interest rates that for every dollar of cash they have they owe about .30/dollar in interest and fees. Thats very upside down. That also means that each dollar they bring in is like only bringing in .60-.70/dollar in revenue.
Im overwhelmed by Avaya employees lack of basic business knowledge, accounting rules or general reality. Honestly, it goes to show that Avaya leadership liked to cultivate ignorance and YES-peoole. It shows few people who remain have ever earned a proper spot in corporate America outside of Avaya. The volume of people who lack awareness and flippantly believe Avaya will "figure it out" or that they are "Too Big to Fail" almost have earned the painful reality check they are soon to be thrust into.
How many weeks pay per year of service do they offer in Germany 🇩🇪 just curious 🤔
Retirement is different than severance package, the Retirement fund was funded and not part of avaya. Avaya had set 11 million aside for severance packages . I don't believe that is nearly enough for severance for the amount they plan on laying off.
There is always a rainy day fund they don't disclose it will come out of that