Communications solutions provider Avaya Holdings today said it will ring the opening bell at the New York Stock Exchange (NYSE) tomorrow to celebrate the company's listing on the bourse.
The move to list comes after completion of debt restructuring initiated after the company filed for Chapter 11 bankruptcy last year.
Avaya embarks on a new journey following a balance sheet restructuring that shed billions of dollars in debt, freeing up USD 300 million in cash flows for investment in technology innovation and growth, the company said in a statement.
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"On behalf of our entire team, our customers and partners, it is an honor to mark this first day of trading on the NYSE for the new Avaya, which is more focused than ever on leading the industrys digital transformation, said Avaya CEO Jim Chirico.
He claimed that Avaya is also the largest pure play unified communications and contact center provider in the cloud.
"We have unparalleled opportunities ahead of us. For example, only about 10 percent of our contact center customers have migrated to the cloud. We are passionate about providing the flexibility, open architectures, and deployment options that our customers need to exceed expectations, move ahead of the competition, and quickly take advantage of such new technologies as artificial intelligence, blockchain and the Internet of Things," he said.
The California-based company expects to have approximately 110 million shares outstanding upon emergence.
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