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Avaya Mobility Networking Solutions Troubleshooting and Maintenance
Avaya Troubleshooting history
Killexams : Avaya Troubleshooting history - BingNews Search results Killexams : Avaya Troubleshooting history - BingNews Killexams : Avaya files for Chapter 11 bankruptcy protection for a second time

Avaya Inc., the veteran unified communications company, said this week that it’s filing for Chapter 11 bankruptcy protection for the second time in its history, while announcing a plan that will slash $2.6 billion of debt from its balance sheet.

The company’s filing in a Texas court revealed that it has agreed a deal with its creditors. It added that the restructuring plan had “overwhelming support” from more than 90% of its secured lenders.

Through the restructuring plan, it will “eliminate more than 75% of its debt,” the company said. As a result, its total liabilities will shrink from $3.4 billion now to about $800 million, allowing it to continue running its business.

Avaya said in its filing that “revenues from capex-based purchases (software license and support and hardware) have continued to decline over the past several years, consistent with industry trends and customers’ preference to shift towards cloud-based solutions.”

The situation grew worse for Avaya when its subscription business first began to slow during fiscal 2022. The company managed to raise $600 million in financing last July, but even with that funding, it was unable to turn things around.

Avaya’s bankruptcy has been an option on the table for some time. Last August, the company warned that it had “substantial doubt” about its ability to continue operating as a going concern, saying it would miss its third-quarter fiscal 2022 revenue targets by some distance.

That came after the company hired Alan Masarek (pictured) as its new chief executive officer in July. He had previously pulled Vonage America LLC from the brink of bankruptcy before going on to sell it to Telefonaktiebolaget LM Ericsson AB.

In a statement announcing the bankruptcy, Masarek said he joined Avaya to strengthen its capital structure and realize its business transformation. “We are excited to move ahead as a well-capitalized company with one of the strongest balance sheets in our industry that includes substantial cash to invest in our own success,” he said of the plan.

Avaya was founded back in 2000 after spinning off from Lucent Technologies Inc. and debuted on the stock market later that year. In 2007 it became a private company in an $8.2 billion deal led by Silver Lake Partners and TPG Capital. That appears to be when its problems started, as it remained a private entity for a full decade until declaring bankruptcy for the first time in January 2017. After emerging from that process, it went public again at the end of the year.

The company is a major player in the unified communications technology business, and it’s also involved in networking. It started out as a provider of communications, and later, networking hardware. But for the last six years has been pushing its cloud contact center and collaboration software.

Enterprises use its software to manage their contact centers and to enable business collaboration. It has established a strategic partnership with RingCentral LLC too, with that company helping to develop and sell its cloud-based offerings. RingCentral is also a major financial backer of Avaya, having invested $500 million in the company in 2019.

Avaya’s bankruptcy highlights the challenges faced by traditional hardware firms as they pivot to selling software-based products as-a-service. It’s a slow process that involves a radical redesign of the company’s core offerings and business model, and clearly it doesn’t always work out as planned.

Hyoun Park, an analyst with Amalgam Insights, told SDxCentral that Avaya also missed a big opportunity when the COVID-19 pandemic helped to accelerate digital transformation. At the time, the collaboration and contact center markets were growing rapidly, but Avaya’s debt obligations “prevented it from executing in these areas,” he said.

Avaya said it believes it will emerge from its latest bankruptcy proceedings in a much healthier state. It said it will exit bankruptcy in 60 to 90 days as a private concern armed with a fresh $780 million in funding that will be used to invest in growing its business.

Most likely, Avaya’s debt restructuring has been in the works for some time, and it could turn out to be a smart move that sets the company up for its next phase of growth, said Liz Miller of Constellation Research Inc.

“Now, arguably, they hit send on that cloud communications strategy a few years too late,” Miller added. “But, they are closing the gap with their Avaya Experience Platform and the Avaya Cloud Office offerings. What we will be keeping an eye on is how they continue to deliver on their announced technology innovations and roadmaps.”

Analysts were divided over the future prospects for Avaya. Charles King of Pund-IT Inc. told SiliconANGLE that in addition to the fresh funding, Avaya possesses some valuable intellectual property assets too, owning more than 4,000 existing and pending technology patents.

“One interpretation of its lenders’ willingness to support the restructuring plan is that they believe Avaya can be rebuilt into a functional, profitable business again,” King said. “Alternatively, it could be that the new funding will enable Avaya to keep operating and support its existing customers and suppliers while its owners look for ways to profitably sell off its assets. Or we could see a combination of both approaches, resulting in Avaya emerging as a leaner and more focused vendor. In any case, the company’s long and strange journey doesn’t appear to be over yet.”

Rob Enderle of the Enderle Group was less convinced about Avaya’s prospects, however. He told SiliconANGLE that Avaya is one of the last surviving remnants of yesteryear’s telecommunications industry and has struggled to reinvent itself for the modern age.

“It has historically been undermarketed, and given the need to change its image from an obsolescent telecom firm to one that is more forward-looking, it continues to struggle to be relevant, which doesn’t bode well for its long-term future,” he said. “Avaya looks like a company that is running out of time.”

Photo: Avaya/Facebook

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Fri, 17 Feb 2023 05:28:00 -0600 en-US text/html
Killexams : Avaya Bankruptcy Filing: 5 Things To Know

Networking News

Gina Narcisi

‘The actions we are taking are designed to accelerate our transformation and make Avaya an even stronger partner to our customers and strategic and channel partners,’ Avaya said in a channel and strategic partner FAQ on its bankruptcy filing.

Avaya CEO Alan Masarek

After months of speculation and reports from the unified communications market, Avaya Holdings Corp. officially filed for Chapter 11 bankruptcy protection in Texas federal court Tuesday.

Durham, N.C.-based Avaya has been struggling since May to put its finances back on solid ground, but the bankruptcy declaration comes on the heels of accounting problems related to cloud subscriptions that led to substantial earnings and revenue target misses that the company couldn’t come back from without ultimately undergoing a financial restructuring.

Despite the financial upheaval, the company remains positive—and even bullish—on its future and is going all in on cloud communications in any form, be it private, public or hybrid unified communications offerings. And Avaya President and CEO Alan Masarek, who has been at the helm of the company for six months, is accustomed to navigating companywide transformations.

“The actions we are taking are designed to accelerate our transformation and make Avaya an even stronger partner to our customers and strategic and channel partners—we expect to emerge from this process with one of the strongest balance sheets in our industry, significantly reduced debt and substantial additional liquidity to drive the business forward,” Avaya said in a channel and strategic partner FAQ on the bankruptcy filing that CRN obtained.

Here are the details of Avaya’s bankruptcy filing, the financial background story and what the company’s financial restructuring means for partners.

Gina Narcisi

Gina Narcisi is a senior editor covering the networking and telecom markets for Prior to joining CRN, she covered the networking, unified communications and cloud space for TechTarget. She can be reached at

Wed, 15 Feb 2023 03:39:00 -0600 en text/html
Killexams : Avaya Shareholder Notice

Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Avaya To Contact Him Directly To Discuss Their Options

New York, New York--(Newsfile Corp. - February 16, 2023) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Avaya Holdings Corp. ("Avaya" or the "Company") AVYA and reminds investors of the March 6, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Avaya stock or options between November 22, 2021 and November 29, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information:

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

Avaya provides software products for business collaboration and contact center management. Since October 2019, Avaya has been engaged in a strategic collaboration with RingCentral, Inc., which has accelerated Avaya's transition to the cloud. The new operating system, Avaya Cloud Office by RingCentral ("ACO"), was supposed to allow Avaya to monetize its small to medium business customer base immediately while concomitantly allowing it to focus on the development of a next-generation cloud contact center.

But as the Avaya class action lawsuit alleges, defendants failed to disclose that: (1) the RingCentral partnership came with onerous requirements that were crippling Avaya's business metrics and financial prospects, including that Avaya granted RingCentral exclusive rights to certain products to its customers, meaning that Avaya had to discontinue certain of its own product offerings that had only recently begun achieving momentum, and that ACO conflicted with other Avaya product offerings, causing Avaya to have to alter those offerings, resulting in Avaya losing some important members of its executive team; (2) the arrangement with RingCentral had exposed Avaya to losses as RingCentral paid Avaya commissions up front, which would need to be returned if Avaya later missed on sales thresholds; and (3) Avaya had defective internal controls which prevented its senior executives from formulating accurate budgets and forecasts.

On July 28, 2022, Avaya announced the termination of its Chief Executive Officer James M. Chirico, Jr.. The Company also announced preliminary Q3 2022 financial results that included expected revenues and adjusted EBITDA well below previously given guidance and an unquantified but "significant" impairment charge. In addition, Avaya withdrew its 2022 guidance.

On this news, Avaya's stock price fell $1.19 per share, or 56.99%, to close at $0.90 per share on July 29, 2022.

Then, on August 9, 2022, Avaya announced that: (1) it determined there was substantial doubt about its ability to continue as a going concern; (2) it would not timely file its financial statements for the quarter ended June 30, 2022; (3) its Audit Committee commenced internal investigations into circumstances surrounding the Company's financial results for the quarter; and (4) the Audit Committee also commenced an investigation into matters raised by a whistleblower.

On this news, Avaya's stock price fell $0.51 per share, or 45.54%, to close at $0.61 per share on August 9, 2022.

Finally, before the market opened on November 30, 2022, Avaya disclosed in a Current Report filed on Form 8-K with the SEC that "control deficiencies management had been reviewing represent material weaknesses in the Company's internal control over financial reporting" and that "management's assessment of ICFR included in Item 9A of the Company's Annual Report on Form 10-K for its fiscal year 2021 ended September 30, 2021, filed with the [SEC] on November 22, 2021 should no longer be relied upon." Specifically, the Form 8-K stated that the Company "did not design and maintain effective controls related to the information and communication component of the Committee of Sponsoring Organizations of the Treadway Commission framework," "did not design and maintain effective controls to ensure appropriate communication between certain functions within the Company," and "did not design and maintain effective controls over the ethics and compliance program."

On this news, Avaya's stock price fell $0.16 per share, or 14.28%, to close at $0.96 per share on November 30, 2022.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Avaya's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( Prior results do not ensure or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit

© 2023 Benzinga does not provide investment advice. All rights reserved.

Thu, 16 Feb 2023 13:02:00 -0600 en text/html
Killexams : Avaya files for Chapter 11 bankruptcy

Feb 14 (Reuters) - Avaya Holdings Corp (AVYA.N) has filed for Chapter 11 bankruptcy and secured a financing of $780 million as it restructures its business, the IT firm said on Tuesday.

Avaya said upon completion of the restructuring process it will reduce its total debt by more than 75%, from nearly $3.4 billion to about $800 million.

The new capital is "expected to provide substantial liquidity to support Avaya during the process and beyond," it said.

The cloud communications company added it would continue to serve its customers and partners without interruption and expects to complete the process in 60 to 90 days.

Avaya had said there was substantial doubt about its ability to continue as a going concern in light of a debt maturity in 2023, according to a Wall Street Journal report in December, which cited people familiar with the matter.

Earlier in September, Avaya has also announced restructuring, including job cuts, to reduce costs. Avaya's shares have fallen nearly 99% last year.

Latest Updates

View 2 more stories

Evercore Group is serving as financial advisor to Avaya for the process.

Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

Tue, 14 Feb 2023 06:51:00 -0600 Reuters en text/html
Killexams : Avaya Files for Second Bankruptcy in Six Years After Big Earnings Miss

Avaya Holdings Corp. on Tuesday filed for chapter 11 for the second time in six years as it struggles to transform itself from a traditional office telecommunications equipment business into a subscription-based software provider.

The company said it filed in the U.S. Bankruptcy Court in Houston with a plan supported by most senior lenders to cut its debt by more than 75%, to roughly $800 million from $3.4 billion, and turn the page on an earnings miss last year that depressed the prices of its debt and stock.


Tue, 14 Feb 2023 11:59:00 -0600 Alexander Gladstone en-US text/html
Killexams : Avaya Files For Chapter 11 Bankruptcy After Cloud Subscription Accounting Woes

Networking News

Gina Narcisi

The UC giant, which is filing for bankruptcy for the second time in six years, listed in its filing unsecured claims valued in millions from the likes of Verint Americas, Microsoft and solution provider giant SHI International. Avaya’s CEO says the company is poised for a ‘transformation.’


Struggling unified communications giant Avaya Holdings Corp. filed for Chapter 11 bankruptcy protection Tuesday in federal court in Texas.

The filing follows months of speculation of a bankruptcy declaration following Avaya’s 2022 cloud subscription accounting problems that led to substantial earnings and revenue target misses.

Durham, N.C.-based Avaya said in a press release that “these actions will not impact the company’s customers, channel and strategic partners, suppliers, vendors or employees.”

[RELATED: Avaya Bankruptcy Filing: 5 Things To Know]

In its bankruptcy court filing, Avaya lists total assets of between $1 billion and $10 billion and total liabilities of between $1 billion and $10 billion. The company lists its number of creditors as being between 25,001 and 50,000.

The firm in the court filing lists the creditors with the largest unsecured claims include Verint Americas in the amount of $22.93 million; Microsoft for $9.01 million; Wistron Corp. for $8.9 million; and solution provider giant SHI International for $7.71 million.

Avaya previously filed for bankruptcy in 2017.

Avaya’s stretch of financial difficulties began in May when the company reported that it had missed its revenue target and posted a considerable earnings miss with revenue that declined 20 percent during the company’s third-quarter 2022, which ended June 30, 2022. The company then made the move to replace Jim Chirico, the company’s CEO since 2018. Alan Masarek was brought on in August as president and CEO after serving as Vonage’s CEO for six years.

“I joined Avaya to help unlock the power of its iconic brand, global customer footprint, massive partner ecosystem, large-scale communications deployments and outstanding team,” Masarek said in a statement published on Tuesday. “Strengthening Avaya’s capital structure is a critical step to fully realize our transformation, and we are excited to move ahead as a well-capitalized company with one of the strongest balance sheets in our industry that includes substantial cash to invest in our own success.”

In late December, Avaya said its stock could be delisted from the New York Stock Exchange because the average closing price of the its common stock was less than $1 over a consecutive 30 trading-day period.

Completing the financial restructuring will reduce the company’s total debt by more than 75 percent, from approximately $3.4 billion today to approximately $800 million, Avaya said. Additionally, Avaya said it has secured committed financing of approximately $780 million.

The financial restructuring will provide the company improved financial flexibility to boost up its investment in communications products, solutions and services for customers, including the Avaya Experience Platform, its cloud-based Contact Center offering, Avaya said.

Avaya’s strategy includes a multistep process of shifting its portfolio and customers entirely to cloud—whether it’s private, multitenant or somewhere in between. It will also include a “cultural revitalization” that will allow Avaya to bring in the right talent for the work ahead, Masarek told CRN in an interview when he joined the company.

The company said it expects this financial restructuring to be completed within 60 to 90 days.

Kirkland & Ellis LLP is serving as legal counsel to Avaya, Evercore Group L.L.C. is serving as financial advisor and AlixPartners LLP is serving as restructuring advisor.

Gina Narcisi

Gina Narcisi is a senior editor covering the networking and telecom markets for Prior to joining CRN, she covered the networking, unified communications and cloud space for TechTarget. She can be reached at

Tue, 14 Feb 2023 00:47:00 -0600 en text/html
Killexams : Avaya Filed Chapter 11. The Stock Is Worthless.

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Tue, 14 Feb 2023 06:31:00 -0600 en-US text/html
Killexams : Durham telecommunications firm Avaya files for bankruptcy for second time in six years

The (Raleigh) News & Observer 5 days ago Brian Gordon, The News & Observer (Raleigh)

Just over five years since the company emerged from its first bankruptcy, the Durham telecommunications firm Avaya on Tuesday filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. In a statement Tuesday, Avaya officials said reentering bankruptcy will help the company implement a financial restructuring plan that will cut its total debt by more than 75%, from around $3.4 billion to $800 million.

Avaya, a publicly traded company, had previously filed for bankruptcy in January 2017 to reduce its debt load. While the company exited that bankruptcy within a year, recent setbacks had it on course for another Chapter 11.

In the past few years, the company has moved toward providing clients cloud-based communication services via subscriptions, but current and former employees have told The News & Observer this transition has been rocky.

Last year, Avaya twice missed revenue targets and saw a major debt deal with Goldman Sachs and JPMorgan Chase collapse. The company removed its CEO in July, and the next month told federal regulators it would delay filing its quarterly financial report as it launched an internal investigation into “control deficiencies” at the company. The U.S. Securities and Exchange Commission (SEC) is also investigating the company’s financial reporting.

Citing its ongoing internal investigation, Avaya has not filed a quarterly report since.

On Dec. 13, Avaya told the U.S. Securities and Exchange it was exploring multiple restructuring options to address debt obligations, including filing for bankruptcy. Two months later, the company took this option.

“Strengthening Avaya’s capital structure is a critical step to fully realize our transformation, and we are excited to move ahead as a well-capitalized company with one of the strongest balance sheets in our industry that includes substantial cash to invest in our own success,” Avaya CEO Alan Masarek said in a statement Tuesday.

Avaya relocated from California to the North Carolina Research Triangle in 2020. The company has declined to share how many people it employees in the Triangle area. As of late 2021, the company had around 8,000 employees worldwide, a total that’s been reduced by layoff rounds in September and January.

On Tuesday, its stock was selling below 30 cents, a precipitous decline from the $29-a-share price it had reached in February 2021.

Who gets paid back first?

Chapter 11 is one of the most common types of bankruptcy. It allows companies to remain operational as their businesses, debts and assets are subject to reorganization. There is not a common objective or outcome for companies that enter Chapter 11 said Ed Boltz, a bankruptcy attorney in Durham.

“There are so many things that can happen,” he said. “Most companies that file bankruptcy do file Chapter 11 in an attempt to reorganize. Some end up just doing it and failing. Others do it to try to sell off some of their assets to pay some creditors.”

When a company in bankruptcy is working to pay off its debts, U.S. bankruptcy law prioritizes debt holders will be paid back before shareholders. Boltz noted shareholders can sometimes “end up taking the hardest hit” when a company files bankruptcy, saying “their equity position gets wiped out.”

What’s Avaya’s internal investigation about?

On Friday, Avaya told federal regulators it wouldn’t file its latest quarterly financial report on time, marking the third consecutive quarter the company has failed to submit a major disclosure.

Publicly traded companies like Avaya must turn in quarterly and annual reports, called 10-Qs and 10-Ks respectively, to the U.S. Securities and Exchange Commission (SEC). However, Avaya says an ongoing internal investigation into “control deficiencies” at the company prevents it from releasing financial results with confidence.

Avaya last submitted a quarterly report on May 10. In August, the company notified the SEC it had opened an investigation into its financial results for the fiscal quarter ending in June 2022. The company said it brought on “outside counsel to assist in these investigations.”

In November, Avaya again cited this investigation when it told regulators it would miss the deadline for submitting its 10-K annual report for 2022.

The company’s most recent late-notice on Feb. 10 suggests the internal deficiencies the company is investigating may be tied to its previous leadership.

“Management is actively engaged in taking steps necessary to remediate the control deficiencies that constituted the material weaknesses,” Avaya told regulators on Feb. 10, adding that it was focused on establishing a strong “tone at the top.”

According to the Corporate Finance Institute, “tone at the top” is an auditing term referring to “a company’s management and board of director’s leadership and their commitment to being honest and ethical.”

Pledging to transform its culture “to embrace transparency and open communication,” Avaya told regulators on Friday that the company had reshuffled its executive ranks, including the removal of James Chirico as CEO in late July.

“They seem to be signaling there’s a connection between the internal investigation, problems they’ve found, and letting these people go,” said Tom Hazen, a corporate law professor at UNC-Chapel Hill.

Hazen cautioned the degree of Avaya’s concern is not yet clear.

“It’s obviously some concern the company has,” he said. “Now it could be something major. It could be something relatively minor like an accounting issue.”

To some Avaya investors, the company’s issues aren’t minor. On Feb. 1, a group of Avaya bondholders filed a $125 million lawsuit against the company alleging “massive fraud” by the company’s board.

This story was produced with financial support from a coalition of partners led by Innovate Raleigh as part of an independent journalism fellowship program. The N&O maintains full editorial control of the work.

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Do you enjoy Triangle tech news? Subscribe to Open Source, The News & Observer's weekly technology newsletter and look for it in your inbox every Friday morning. Sign up here.

©2023 Raleigh News & Observer. Visit Distributed by Tribune Content Agency, LLC.

Tue, 14 Feb 2023 06:02:00 -0600 en-US text/html
Killexams : Avaya Wipes Out Shareholders In Bankruptcy
Avaya headquarters located in Silicon Valley

Sundry Photography

After protracted negotiations with creditors, ailing digital communications solutions provider Avaya (AVYA) finally filed for bankruptcy on Tuesday.

As the restructuring support agreement has been signed by more than 90% of the company's secured lenders, implementation should go swiftly with Avaya expected

Tue, 14 Feb 2023 12:18:00 -0600 en text/html
Killexams : Avaya Files for Chapter 11 Bankruptcy No result found, try new keyword!(Reuters) - Avaya Holdings Corp has filed for Chapter 11 bankruptcy and secured a financing of $780 million as it restructures its business, the IT firm said on Tuesday. Avaya said upon completion ... Tue, 14 Feb 2023 06:52:00 -0600 text/html
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