Unified communications vendor Avaya has completed its financial restructuring and emerged from the Chapter 11 process.
The vendor has devised a growth-oriented capital structure that includes approximately US$650 million in liquidity and completes a critical step in the company’s business transformation.
Avaya filed for Chapter 11 bankruptcy protection in February, marking the second time in six years, after facing a similar situation in 2017.
“Today, we turn the page and enter a new future for Avaya, our people and our customers,” Avaya CEO Alan Masarek said. “We are excited to fully realise the hard work we’ve put into our business transformation.
“We are moving ahead with significant financial resources to accelerate investment in our portfolio as we continue delivering innovation without disruption to our customers. Our customers are at different stages of their cloud journey. They want to move at a pace that meets their business needs – and in a way that allows them to adopt advanced functionality without business disruption.”
Furthermore, Masarek said its new, streamlined product roadmap was intentionally designed to incorporate input from customers about the capabilities most meaningful to them.
“Avaya is focused on building on its iconic brand, global customer footprint and massive partner ecosystem to deliver innovation without disruption on a global scale,” he said.
“The company’s product innovation investments will continue to focus on the Avaya Experience Platform, which enables organisations to enhance their customer experience capabilities across myriad communications channels.”
Since the start of the year, Avaya has rolled out more than 150 new product features and enhancements across its portfolio and launched Avaya Enterprise Cloud, a dedicated instance of Avaya’s core contact centre, collaboration and unified communications software solutions for large enterprises.
In step with emerging from Chapter 11, Avaya has also introduced a new board of directors including Masarek, Patrick Bartels, Patrick Dennis, Robert Kalsow-Ramos, Marylou Maco, Aaron Miller, Donald Morgan, Tod Nielsen and Jacqueline Woods.
“Our incoming board members bring decades of relevant expertise, insights and skillsets to support Avaya as we invest in driving the next wave of innovation in enterprise communications and providing our customers and partners with true omnichannel customer experience solutions,” Masarek said.
Kirkland & Ellis served as legal counsel to Avaya, Evercore Group served as financial advisor and AlixPartners served as restructuring advisor.