Avaya has emerged from Chapter 11 financial restructuring with ‘significant resources’ for growth, says CEO Alan Masarek.
After acquiring $780m in new financing to overhaul its business, the vendor filed for bankruptcy in February to slash over 75% of its $3.4bn debt.
Masarek noted that Avaya's growth-focused capital structure involves investing in its Advanced Innovation in Cloud Communications Portfolio.
He said: “Today, we turn the page and enter a new future for Avaya, our people and our customers. We are moving ahead with significant financial resources to accelerate investment in our portfolio.”
Moreover, Masarek highlighted that its new, streamlined product roadmap will concentrate on the Avaya Experience Platform to improve customer experiences.
He added: “Clients 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.”
Upon exiting Chapter 11, Avaya introduced a new board, including Masarek, Patrick Bartels, Patrick Dennis, Robert Kalsow-Ramos, Marylou Maco, Aaron Miller, Donald Morgan, Tod Nielsen and Jacqueline Woods.
Masarek added: “Our incoming Board members bring decades of relevant expertise, insights and skillsets.”
