Avaya has successfully completed its financial restructuring and emerged from the Chapter 11 process with a growth-oriented capital structure that includes approximately $650 million in liquidity and a net leverage ratio of less than 1x. This milestone completes a critical step in the Company’s business transformation.
Alan Masarek, Avaya’s Chief Executive Officer, said, “Today, we turn the page and enter a new future for Avaya, our people and our customers. We are excited to fully realize 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. 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. At a time when innovation has never been more important to an organization’s success, we are proud to be an answer to our customers’ most pressing challenges.”
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. The Company’s product innovation investments will continue to focus on the Avaya Experience Platform, which enables organizations to enhance their customer experience capabilities across myriad communications channels. Since the start of the year, the Company 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 center, collaboration and unified communications software solutions for large enterprises. Avaya remains poised to capitalize on its product development momentum and address the current and future needs of its customers.
Masarek added, “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.”