Avaya plans to emerge from bankruptcy as a public company

Unified communications specialist readies to enter the next chapter with renewed strengths and a new capital structure

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Avaya plans to emerge from bankruptcy as a public company Sullivan says there are a lot of positive benefits to being a public company.
By  Manda Banda Published  September 28, 2017

Unified communications specialist Avaya has said it's readying to exit Chapter 11 Bankruptcy Protection later this year and emerge as a public traded company.

The move comes as Avaya's scheduled court hearing to have the reorganisation plan approved got the courts authorisation paving the way for the company to commence the voting process.

John Sullivan, CFA, VP and corporate treasurer, Avaya Inc, said the court hearing in August 2017 went very well and Avaya got everything it was hoping for. "The court approved our disclosure statement which allows us to commence the voting process. We can now begin to source some votes to have our plan of reorganisation approved," he said.

"We are fortunate to operate in a legal system that allows companies to restructure their balance sheets and continue to operate as healthy businesses, providing jobs, technology innovation and value to customers."

According Sullivan, the voting deadline is October 27th 2017 and that gives Avaya enough time to collect the votes. "This process will then be followed by a confirmation hearing on November 15th 2017, where we are hoping then that the court approves the plan of reorganisation, which will allow us to exit Chapter 11," he added. "I would say this will be within two to three weeks after the plan is approved and that will probably be end of November or early December."

As Avaya prepares to enter the next chapter with renewed strengths and a new capital structure, partners are closely watching what the company will have up its sleeves once it becomes a public traded company.

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