Avaya has completed its financial restructuring and emerged from Chapter 11 with $650 million in liquidity.
The vendor filed for bankruptcy in February to remove more than 75% of its debt and boost cash and liquidity.
Its new-look growth-oriented capital structure will see Avaya investing in its Advance Innovation in Cloud Communications Portfolio, according to CEO Alan Masarek.
“Today, we turn the page and enter a new future for Avaya, our people and our customers. We are moving ahead with significant financial resources to accelerate investment in our portfolio,” he said.
The roadmap will focus on the Avaya Experience platform and will target customers at all stages of their cloud journey. “Businesses want to move at a pace that meets their needs and in a way that allows them to adopt advanced functionality without business disruption,” adds Masarek.
Since the start of the year Avaya claims to have rolled out more than 150 new product features and enhancements.
New-look Avaya will be led by a restructured board comprising of nine directors. Masarek is joined by industry experts Patrick Dennis, CEO of ExtraHop, Marylou Maco, most recently Executive VP, Worldwide Sales and Field Operations at Genesys, Tod Nielsen, most recently President and CEO of TalkWalker and Jacqueline Woods, CMO at Teradata.
The board is completed by Robert Kalsow-Ramos, Partner in Private Equity at Apollo Global Management, Patrick Bartels, Managing Member of Redan Advisors, Aaron Miller, Partner in Private Equity at Apollo Global Management and Donald E. Morgan, III CFA, Chief Investment Officer, Managing Partner and Portfolio Manager at Brigade Capital Management.
Masarek adds: “Our incoming Board members bring decades of relevant expertise, insights and skillsets.”