Avaya emerges from bankruptcy with US$650m in bank

Unified communications vendor Avaya has emerged from chapter 11 reorganisation bankruptcy, announcing the completion of its financial restructuring.

Avaya has unveiled its new capital structure that includes approximately US$650 million in liquidity and a net leverage ratio of less than 1x.

Avaya described this as a “critical step in the company’s business transformation” after first filing chapter 11 bankruptcy in February this year,

“We are excited to fully realise the hard work we’ve put into our business transformation," Avaya’s chief executive Alan Masarek said.

"We are moving ahead with significant financial resources to accelerate investment in our portfolio as we continue delivering innovation without disruption to our customers.”

“I appreciate the strong support that our investors have demonstrated throughout this process, and I thank our customers, partners, team members and other stakeholders for their unwavering commitment and trust in Avaya,” Masarek said.

“Avaya’s new, streamlined product roadmap was intentionally designed to do just this, incorporating input from our customers about the capabilities most meaningful to them,” he added.

Since the start 2023, Avaya said it has rolled out more than 150 new product features and enhancements across its portfolio.

Avaya said its product innovation investments will continue to focus on the Avaya Experience Platform.

It has also launched Avaya Enterprise Cloud, which includes the company’s contact centre, collaboration and unified communications software solutions for large enterprises.

Avaya also announced a new Board of Directors, coming from various industry and financial backgrounds, aiming to help Avaya move into a new era of growth.

The Board of Directors comprises nine directors, including Alan Masarek,

Other directors include Redan Advisors’s Patrick Bartels, ExtraHop’s Patrick Dennis, Apollo Global Management’s Robert Kaslow-Ramos and Aaron Miller, Brigade Capital Management’s Donald E. Morgan III CFA. TalkWalker’s Tod Nielsen and Teradata’s 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.