“This is the beginning of a new and important chapter for Avaya,” said Jim Chirico, president and CEO of Avaya. “In less than a year, since the beginning of our reformation on Chapter 11, Avaya has emerged as a publicly traded company at the stock market with significantly strengthened financial statements. At the same time, we reduced our previous debt by approximately $ 3,000 million and today we have more than $ 300 million in cash in our financial statements. The reduction of our debt and other long term agreements will also improve the annual cash flow by approximately $ 300 million compared to our 2016.”
“We have the flexibility we need to invest in the large and growing markets of Call Centers and Unified Communications as we complete our transformation to become a provider of Software, Services and Cloud Solutions.” Chirico added, “With a new board of directors and firmly established leadership team. Avaya is now well positioned to execute its expansion plan, profitability and guarantee the value expected by our stakeholders.”
Avaya is taking the necessary steps to be listed on the New York Stock Exchange. The company expects to have approximately 110 million shares circulating by the time they end chapter 11.
Centerview Partners LLC and Zolfo Cooper LLC are the financial and restructuring advisors for Avaya. and Kirkland & Ellis LLP is the company’s restructuring attorney.