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Avaya completes revolution and leaves Chapter 11

11 months after it initial announced bankruptcy, communications hulk Avaya has finished a revolution and left Chapter 11.

The reason given for a strange filing was ‘restructuring’, and Avaya announced a new Board final month. New CEO and boss Jim Chirico pronounced that a association has “a significantly strengthened change sheet” compared to final year, with pot of some-more than $300 million.

“We have a coherence we need to deposit in a vast and flourishing hit centre and one communications markets as we finish a mutation to a software, services, and cloud solutions provider,” he added.

Back in January, Avaya pronounced that a $725 million in debtor-in-possession financing, around Citibank, would be adequate to minimise intrusion and continue business operations. It did, however, have to sell partial of a business.

Prior to a Chapter 11 filing, Avaya also operated in a networking space. However, it sold that business to Extreme Networks progressing this year, during a time observant that a pierce would capacitate it to refocus a efforts on a core one communications and hit centre arms (handily ignoring a fact that it attempted to sell a hit centre business to Genesys in 2016, with no success).

The association is now aiming to do a mandate to get itself relisted on a New York Stock Exchange. It expects to have approximately 110 million shares superb on emergence, and has reduced a before debt bucket by $3 billion.

Avaya was spun off from Lucent Technologies in a late ‘90s, going private after an $8.2 billion takeover by Silver Lake Partners and Texas Pacific Group. It changed into networking after a merger of Nortel Enterprise Solutions in 2009.

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