Auckland, 30 November – The Courts have now approved Avaya’s restructuring plan. Avaya is set to emerge from Chapter 11 as a public company by the end of 2017.

“In the coming weeks, Avaya will emerge from this process stronger than ever and positioned for long-term success, with the financial flexibility to create even greater value for our customers, partners and stockholders,” says CEO for Avaya, Jim Chirico.

Avaya also projects to halve its debt to $2.925 billion upon emergence resulting in more than $200 million in annual cash interest savings.

Armed with a strengthened balance sheet, a new Board of Directors and new executive leadership team in place, Avaya will be fully focused on the future and creating even greater business value for customers. “Our commitment is to continue to deliver innovative, open and flexible solutions leading to digital transformation,” says Chrico.

Click here to read Avaya’s release.