Analysts Anticipate Avaya’s Next Chapter as Public Company
Avaya now is listed on the New York Stock Exchange.
Avaya now is listed on the New York Stock Exchange.
Avaya has emerged from chapter 11 bankruptcy with a little less than half the debt it had when it filed in January.
The U.S. Bankruptcy Court for the Southern District of New York confirmed Avaya’s second amended reorganization plan.
The so-called Global Resolution garnered support from two-thirds of the company’s creditors.
Avaya’s amended reorganization plan could cut more than $3 billion from the $6.3 billion in debt it had when it entered bankruptcy in January.
The final agreement has been approved by the U.S. Bankruptcy Court for the Southern District of New York and is expected to close on or shortly after July 1.
Extreme Networks said its planned acquisition of Avaya’s networking business will provide a broader set of networking technologies and capabilities.
Avaya has entered an asset purchase agreement in which Extreme Networks will be the primary bidder for the company’s networking business for $100 million.
Data Voice Exchange’s Randy Koerber said Avaya selling its call center business “would have been a nightmare, because [of] too many parties involved.”
Avaya has been transitioning from a legacy hardware business to a software and services company, and has been looking for ways to decrease its debt load of about $6.3 billion.
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