Reinvigorated Avaya emerges from Chapter 11 in bullish form

Avaya has successfully completed its debt restructuring and emerged from chapter 11. "This is the beginning of an important new chapter for Avaya," said Jim Chirico (pictured), Avaya's president and CEO. "In less than a year since the commencement of our chapter 11 restructuring, Avaya has emerged as a publicly traded company with a significantly strengthened balance sheet. Overall, we reduced our prior debt load by approximately $3 billion, and we exit today with more than $300 million in cash on our balance sheet.

"The reduction of our debt and certain other long-term obligations will also improve annual cash flow by approximately $300 million compared to fiscal 2016."

Chirico also noted that Avaya has the flexibility to invest in the contact centre and unified communications markets as it completes its transformation to a software, services and cloud solutions provider.

"With a new Board and leadership team firmly in place, Avaya is now well-positioned to execute on its growth plan and deliver the returns and value expected by our stakeholders," added Chirico.

Avaya is preparing to list on the New York Stock Exchange and expects to have approximately 110 million shares outstanding upon emergence.

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