"Under Avaya's new plan of reorganization, the company will keep its hourly pension plan but seek bankruptcy court approval to terminate and transfer its plan for salaried employees to PBGC. The new plan of reorganization is subject to approval by the bankruptcy court. Included in the company's new reorganization plan is an agreement between Avaya, its first lien secured creditors and PBGC. The agreement specifies the recovery amounts that PBGC would receive on its claims against Avaya if the company's application to terminate the pension plan for salaried employees is approved. At this time, the Avaya pension plans remain ongoing and under the responsibility of Avaya."

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