DUBAI, United Arab Emirates, Dec. 18, 2017 /PRNewswire/ -- Avaya Holdings Corp. ("Avaya" or the "Company") announced that it has successfully completed its debt restructuring and emerged from chapter 11.
"This is the beginning of an important new chapter for Avaya," said Jim Chirico, Avaya's president and CEO. "In less than a year since the commencement of our chapter 11 restructuring, Avaya has emerged as a publicly traded company with a significantly strengthened balance sheet. Overall, we reduced our prior debt load by approximately $3 billion, and we exit today with more than $300 million in cash on our balance sheet. The reduction of our debt and certain other long-term obligations will also improve annual cash flow by approximately $300 million compared to fiscal 2016."
"We have the flexibility we need to invest in the large and growing contact center and unified communications markets as we complete our transformation to a software, services and cloud solutions provider," Chirico added. "With a new Board and leadership team firmly in place, Avaya is now well-positioned to execute on its growth plan and deliver the returns and value expected by our stakeholders."
Avaya is taking the steps necessary to list on the New York Stock Exchange. The company expects to have approximately 110 million shares outstanding upon emergence.
About Avaya
Avaya enables the mission critical, real-time communication applications of the world's most important operations. As a global leader in delivering superior communications experiences, Avaya provides the most complete portfolio of software and services for contact center and unified communications - offered on premises, in the cloud, or a hybrid. Today's digital world requires communications enablement, and no other company is better positioned to do this than Avaya. For more information, please visit http://www.avaya.com.
Media Inquiries:
Iman Ghorayeb
+971-4-404-8275
ighorayeb@avaya.com
