Avaya emerges from Chapter 11
Regional office hosts channel partners at an Avaya Edge World Tour in Dubai
Avaya president and CEO has proclaimed the beginning of a new chapter for the company after the completion its debt restructuring and emergence from chapter 11.
Jim Chirico said Avaya has emerged from the restructuring process as a publicly traded company with a significantly strengthened balance sheet, less than a year since the commencement of its chapter 11 restructuring. “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.”
“We have the flexibility we need to invest in the large and growing contact centre and unified communications markets as we complete our transformation to a software, services and cloud solutions provider,” Chirico added. “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.”
Avaya International celebrated the announcement with key channel partners at an Avaya Edge World Tour event hosted today in Dubai. Nidal Abou-Ltaif, president, Avaya International, thanked the partners for their commitment and support during the Chapter 11 process.
During the Dubai leg of the Tour, company executives are exploring how Avaya and its partners can create solutions that “go beyond the digital experience” through emerging technologies such as artificial intelligence, analytics, blockchain and the Internet of Things. The event is also outlining Avaya’s roadmap for 2018 in delivering customer experience solutions for industries such as financial services, healthcare, hospitality, retail, and government.