Avaya has completed its financial restructuring, emerged from the Chapter 11 process, and has $650 million left to sort itself out.
Avaya filed for Chapter 11 bankruptcy protection in February following months of speculation of a bankruptcy declaration after its 2022 cloud subscription accounting problems that led to substantial earnings and revenue misses.
In its bankruptcy court filing, Avaya listed total assets of between $1 billion and $10 billion and total liabilities of between $1 to $10 billion.
Avaya has been bankrupt before and seems to be immortal. It did all this in 2017.
Avaya CEO, Alan Masarek said:”Today, we turn the page and enter a new future for Avaya, our people and our customers. 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.”
Avaya said its product innovation investments will continue to focus on the Avaya Experience Platform, which enables organisations to enhance their customer experience capabilities across several communications channels.
Since the start of the year, the company claims to have 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.
Avaya’s new board is now made up of several industry leaders, including ExtraHop CEO, Patrick Dennis; Apollo Global Management private equity partners Robert Kalsow-Ramos and Aaron Miller; Genesys executive VP, Marylou Maco; and Jacqueline Woods, chief marketing officer at Teradata.
