Avaya has completed its debt restructuring process and has emerged from Chapter 11 less than a year after filing for bankruptcy protection.
The company said in a statement that it has reduced its prior debt load by about $3 billion and now has over $300 million in cash on its balance sheet.
“This is the beginning of an important new chapter for Avaya,” said Jim Chirico, Avaya’s president and CEO in a release. “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.”