As the article clearly states, we are no longer in the era of low interest rates and over-valuation. Therefore, there isn't a "route" for Avaya (as there was in 2018 after the first BK when rates were historically low). There really is no digging out this time. The window of relevance has passed. #Apollo can only be so lucky to be able to dump Avaya for 20-30 cents on the dollar if it's purported overvaluation.
...Apollo executive John Zito said private equity firms are broadly misstating the value of their software holdings, telling UBS clients last month that "all the marks are wrong."
Zito warned that lenders to smaller software companies could recover as little as 20 to 40 cents on the dollar, implying deep losses.
https://www.cnbc.com/amp/2026/03/16/apollo-john-zito-private-equity-software-valuations.html
The NDA bait & switch they are pulling are a result of the Apollo audit firm(s) diligently attempting to tidy-up Avaya's books to get anyone to take the sinking depreciating asset. The only person who is still hoping for a fool to buy Avaya is PD so he can get his pay day, along with the other "board member" who has an inflated "C" title (the one who would be out on their ear for lack of results if not for the board seat).