Software Company Avaya Probes Earnings, Casts ‘Substantial Doubt’ About Viability

Avaya Holdings Corp., the communication software company that riled lenders by slashing its earnings projections soon after borrowing $600 million in June, said it has hired advisers and is conducting an internal probe of its third-quarter financial results.

With revenue plunging and a large chunk of convertible debt maturing in less than a year, Avaya said it now has “substantial doubt” about its ability to continue as a viable business, according to the company’s earnings statement on Tuesday.