Mitel’s Debt Restructuring Approved, ’Uptier’ Suit Resolved

Mitel Network won US bankruptcy court approval of a restructuring plan that cuts more than $1 billion in borrowings, resolves litigation over a contested 2022 debt deal and hands control of the telecommunications firm to lenders.

Judge Christopher Lopez said Thursday he will confirm the plan, which was negotiated before the company sought court protection last month. Lenders supporting the restructuring include Invesco Ltd., PGIM Inc. and Apollo Global Management Inc., according to a March court filing.

Mitel undertook a controversial debt exchange in 2022 that was challenged by lenders left out of the deal. Restructuring advisers ...