Avaya has confirmed its exit from Chapter 11 that it has accomplished its financial reorganisation and emerged from Chapter 11 proceedings with a capital structure geared towards growth, which encompasses about $650 million in liquidity and a net leverage ratio of under 1x.
According to the company, this achievement marks a crucial stage in the company’s business transformation.
Avaya CEO Alan Masarek expressed his enthusiasm for the company’s new future, its people, and its customers, stating that they are excited to fully realise the hard work put into their 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,” said Masarek.
“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 organisation’s success, we are proud to be an answer to our customers’ most pressing challenges.”
In line with the its restructuring, Avaya has also introduced a new Board of Directors to drive Masarek’s growth ambitions.
“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,” he said.
The Avaya Board of Directors now comprises nine directors, including:
- Alan Masarek is an industry innovator with over 30 years of experience leading communications, information technology and business services companies.
- Patrick Bartels, Managing Member of Redan Advisors
- Patrick Dennis, Chief Executive Officer of ExtraHop
- Robert Kalsow-Ramos, Partner in Private Equity at Apollo Global Management
- Marylou Maco, most recently Executive Vice President, Worldwide Sales and Field Operations at Genesys
- Aaron Miller, Partner in Private Equity at Apollo Global Management,
- Donald E. Morgan, III CFA, Chief Investment Officer, Managing Partner and Portfolio Manager at Brigade Capital Management
- Tod Nielsen, most recently President and Chief Executive Officer of TalkWalker
- Jacqueline Woods, Chief Marketing Officer at Teradata
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.”
Avaya will continue to focus on expanding its brand, extensive customer base, and vast partner ecosystem to offer innovative solutions on a global scale without any interruptions. The company’s investments in product innovation will remain centered on the Avaya Experience Platform, allowing organisations to improve their customer experience capabilities across various communication channels.
