Avaya files statement to leave Chapter 11 as public company

Company filed for bankruptcy earlier this year to restructure

Networking and telecoms giant Avaya has filed a Registration Statement on Form 10 with the US Securities and Exchange Commission, as it prepares to exit its Chapter 11 bankruptcy as a public company.

President and CEO Jim Chirico said that the filing marks "another important step" in Avaya's restructuring. He added, "Our registration statement lays the groundwork for us to begin building our next chapter as a publicly traded company. Once it is effective, Avaya will become a reporting company, which will provide transparency to our various stakeholders".

Avaya also announced its new Board of Directors, who will serve once it exits Chapter 11. As well as Chirico, they include:

• Ronald Rittenmeyer is the CEO of Tenet Healthcare, and has worked as president, chairman and CEO of Electronic Data Systems.
• Stephen Scoll is the president of Infor, and has previously worked at Oracle.
• Susan Spradley is a partner in the Tap Growth Group and is a director on the board of Qorvo.
• Stanley Sutula III is EVP and CFO at Pitney Bowes, and has held a VP role at IBM.
• Scott Vogel is the managing member of private investment firm Vogel Partners LLC.
• William Watkins was recently chairman and CEO of Imergy Power Systems and, between 2004 and 2009, was CEO and director of Seagate Technologies.

The current board will hold its position until after Avaya has emerged from Chapter 11. The company filed for Chapter 11 bankruptcy in January this year, as a way of restructuring its business.

A hearing to consider confirmation of Avaya's Second Amended Plan by the US Bankruptcy Court for the Southern District of New York is scheduled to commence on the 28th November.