GSO borrower Avaya files for bankruptcy

 The global telecommunications giant is looking to reach a consensual restructuring agreement with creditors.

Avaya, which lists GSO Capital Partners as a creditor, has sought court protection to cut its $6.36 billion of debts.

The Santa Clara, California-based telecommunications company submitted a Chapter 11 petition in a federal Manhattan bankruptcy court on Thursday.

It also filed a request to tap a $725 million loan to refinance a portion of its debt and fund its business while in bankruptcy.