Avaya 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.

Bob Blazek, CEO and President of Altura noted: “We are very excited to see Avaya moving forward. The completion of this step allows Avaya to increase the investments they have been making in their industry leading solutions and services. At the same time it allows Altura to bring enhanced value and increased roadmap clarity to our customers.”