There are really only 2 ways this will end:
(1) The proposed restructuring that Avaya will propose will not be accepted by the creditors and it will eventually be sold off in pieces. There is no way that the business can continue to service even the restructured debt and the creditors will see that they are better off taking what they can now and moving on.
(2) In a debt for equity deal with creditors the new equity holders will run with it for a while and eventually dismantle it and sell it off when they realize they can't make it work.
In the interim, there will be layoffs as part of the restructuring. It is inevitable. I feel sorry for all the hard working people out there who are trying to keep Avaya alive when the leadership cares only about their own survival or parachutes.