Following Avaya’s Rise Out of Chapter 11
Avaya makes two strategic announcements about their emergence
We’ve been following Avaya avidly for the last year, throughout the ups and downs they’ve faced as a business after applying for Chapter 11 bankruptcy at the beginning of 2017. Now, it appears the technology brand is thoroughly on track for their emergence out of Chapter 11 and back into the competitive world of UC.
Recently, Avaya made two announcements that highlight their position in the marketplace. The first reveal was that the company had filed a “Form 10” registration statement with the Securities and Exchange Commission in order to be able to list the company’s shares on a stock exchange upon emergence. The filing was made as part of Avaya’s plan to come out of Chapter 11 as a publicly listed company.
The Plan to Emerge from Chapter 11
According to the current President and Chief Executive Officer for Avaya, Jim Chirico, the recent filing marks the company’s latest step towards a new chapter in their sales strategy. Once Avaya becomes a publicly traded company, they’ll be able to offer more transparency to stakeholders and continue strengthening their business in the era of digital transformation.
Another announcement from Avaya addressed the members that have been asked to serve as part of the company’s board of directors after they’ve exited Chapter 11 once and for all. Provided that their plan of re-organisation is approved, Avaya will have the following people on their board:
- Jim Chirico: The current CEO and President of Avaya, and it’s former COO
- Ronald Rittenmeyer: CEO and Executive Chairman of Tenet Healthcare, and director of the Boards of Tenet Healthcare, QuintilesIMS, and American International Group
- Stephan Scholl: President at Infor (A privately-held enterprise service and software company)
- Susan Spradley: Partner for the Tap Growth Group, and director on the Qorvo board
- Stanley Sutula III: Executive Vice President and CFO for Pitney Bowes
- Scott Vogel: Managing member of Vogel Partners LLC and director on the public company boards for Key Energy Services, Arch Coal, and Bonanza Creek Energy
- William Watkins: Chairman and CEO of Imergy Power Systems and director on the boards of Flex LTD, and Maxim Integrated Products
Looking Forward to a Brighter Future
Both the decision to file “Form 10” and the release of the names for the company board of directors serve as positive signs for Avaya’s future as they successfully pave the way for their brand to emerge out of Chapter 11.
According to Chirico, the accomplished and experienced executives that will be joining the board after the Chapter 11 emergence is over should help to offer a competitive insight for Avaya when it comes to getting ahead in the market. Chirico suggested that the board’s diverse mix of insights and skills should give the brand the power they need to grow as a public company, and start delivering exceptional value to their shareholders.
For now, the existing board of directors behind Avaya will remain in place until the plan of re-organisation has been approved. Currently, the hearing to consider this second amended plan has been set for the 28th of November 2017, when it will take place in the Bankruptcy Court in Southern New York.