(Bloomberg) -- A group of Avaya Holdings Corp. debt holders told the company’s loan agent that they intend to call a default on the telecommunications company if it fails to file its quarterly results by the end of a grace period. 

The lenders sent a letter to Goldman Sachs Group Inc., the loan’s agent, on Tuesday, according to people with knowledge of the situation. 

Avaya delayed filing quarterly results this week amid ongoing internal investigations related to a whistleblower letter and its financial results for the quarter that ended June 30. The group, working with Akin Gump Strauss Hauer & Feld, said the delay could constitute an earnings covenant breach if not remedied, according to the people, who asked not to be named because the matter is private. The size of the group couldn’t immediately be learned. 

Representatives for Avaya and Goldman declined to comment. A representative for Akin didn’t immediately respond to a request for comment. 

Avaya’s debt and shares tumbled this week after the company said it had “substantial doubt” about its ability to continue as a going concern, delayed its financial results and reported a steep revenue drop. 

The telecommunications software company has until mid-September to file the quarterly results before triggering an event of default under the loan, according to an estimate from CreditSights. 

Creditors organized after Avaya sold a $350 million leveraged loan and a $250 million exchangeable note in late June, and weeks later predicted a sharp decline in its financial performance and ousted its chief executive. 

Read more: Lenders Spurned by Avaya Tap Advisers Amid Fresh Debt Plunge

The Akin group, made up of holders of Avaya’s older debt, is concerned about the company and its bankers’ lack of disclosures when marketing the new deal, and potential moves the company may make to address its convertible notes due 2023. Goldman and JPMorgan Chase & Co. led the June deal. 

Holders of the newly-issued $350 million leveraged loan are working with FTI Consulting Inc. and Glenn Agre Bergman & Fuentes to explore their options, as reported by Bloomberg. Avaya hired AlixPartners LLC, Evercore Inc. and long-time counsel Kirkland & Ellis to weigh options for the convertible notes. 

Avaya’s shares closed at 67 cents on Wednesday, after plunging 46% on Tuesday. Its 6.125% bond due 2028 trades at around 47.75 cents on the dollar, while its convertible notes change hands for around 20 cents. The company’s older loans traded at roughly 49 cents, while the new loan reached a recent low of 65 cents, according to data compiled by Bloomberg.

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