Tuesday, 08 August 2017 06:52

Avaya enters plan support agreement to exit chapter 11

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California-based telco Avaya has entered into a plan support agreement following its filing for chapter 11 bankruptcy in January.

It also announced its preliminary results for the third quarter which saw revenue at between US$802 million and US$804 million, a fall of 9% from the corresponding quarter in the previous financial year.

The chapter 11 filing was done after the company extended a string of 10 years of losses.

In a statement on Monday, Peter Chidiac, Avaya's managing director in Australia and New Zealand, said while the US parent company had been working through the chapter 11 process, business had progressed strongly in the A/NZ region.

“This agreement provides a clear and viable path to exit chapter 11 in line with our strategy," Chidiac said. "This is an important milestone as we work to emerge as a strong and competitive company in the coming weeks.

“Over the last two years, we have been vocal about the transformation of the A/NZ business; we recognised the need to restructure in order to align to the demands of the A/NZ market and deliver software and services that local organisations need and ensure the success of our customers.

“The transformation is proving positive – last year we reported that Avaya A/NZ closed its fiscal 2016 with its strongest quarter in 12 quarters, and the business has continued to build from there.”

Avaya also announced a change of leadership on Monday, with Jim Chirico being appointed as chief executive from 1 October.

The preliminary earnings for 3Q were flat compared to the second quarter. The company said that final results would be announced next week.

Avaya is owned by Silver Lake and TPG Capital which took it private after buying the firm in 2007 for about US$8 billion.

The company was originally part of AT&T and sells phones and other telecommunications equipment, plus hardware and software used in call centres.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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