Avaya Discloses Certain Information Related to Ongoing Constructive Discussions with Financial Stakeholders
December 13 2022 - 9:15AM
Business Wire
Avaya Holdings Corp. (NYSE: AVYA) ("Avaya" or "the Company")
today publicly disclosed certain business information that it
confidentially shared with certain of its financial stakeholders.
This information was shared in connection with ongoing constructive
discussions Avaya is having with its financial stakeholders
regarding a comprehensive resolution to strengthen the Company’s
balance sheet and position the business for long-term success.
Alan Masarek, Avaya’s Chief Executive Officer, said, “We are
pleased to remain engaged in constructive discussions with all of
our financial stakeholders to enhance our capital structure,
increase liquidity and accelerate our investment in innovative
products and solutions. Avaya benefits from an iconic brand,
massive partner ecosystem and a truly global footprint, and we are
confident the steps we are taking are in the best interest of our
business and our stakeholders.”
Avaya announced today that Jill Frizzley has been appointed to
its Board of Directors, effective immediately. Ms. Frizzley is a
corporate governance expert with over two decades of experience
serving on boards and advising on financial restructuring and
mergers and acquisitions. Ms. Frizzley was nominated to Avaya’s
Board by RingCentral, pursuant to their strategic partnership. The
Company remains committed to a strategic partnership with
RingCentral.
“I look forward to working closely with Jill and benefitting
from her deep expertise as we continue taking steps to strengthen
Avaya for long-term success,” added Mr. Masarek.
Additional information is available in a Current Report on Form
8-K Avaya filed today with the U.S. Securities and Exchange
Commission (“SEC”).
About Avaya
Businesses are built by the experiences they provide, and
everyday millions of those experiences are delivered by Avaya
Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the
future of work, with innovation and partnerships that deliver
game-changing business benefits. Our cloud communications solutions
and multi-cloud application ecosystem power personalized,
intelligent, and effortless customer and employee experiences to
help achieve strategic ambitions and desired outcomes. Together, we
are committed to help grow your business by delivering Experiences
that Matter. Learn more at http://www.avaya.com.
Forward-Looking Statements
This press release contains certain “forward-looking
statements.” All statements other than statements of historical
fact are “forward-looking” statements for purposes of the U.S.
federal and state securities laws. These statements may be
identified by the use of forward-looking terminology such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “our vision,” “plan,” “potential,”
“preliminary,” “predict,” “should,” “will,” or “would” or the
negative thereof or other variations thereof or comparable
terminology. These forward-looking statements are subject to a
number of factors and uncertainties that could cause the Company’s
actual results to differ materially from those expressed in or
contemplated by the forward-looking statements. Such factors
include, but are not limited to: the ability of the Company to
negotiate and execute a successful transaction with its financial
stakeholders; the finalization of the Company’s third quarter and
annual financial statements (including finalization of the
Company’s impairment tests); completion of standard annual-close
processes; the Company’s ability to address the convertible notes
that mature in June 2023 and continue as a going concern; the risk
of an event of default under one or more of the Company’s senior
debt facilities, including as a result of the Company’s failure to
timely finalize its annual financial statements; the findings of
the Company’s internal investigations; the effectiveness of the
Company’s internal control over financial reporting and disclosure
controls and procedures, and the potential for a material weakness
in the Company’s internal controls over financial reporting or
other potential weaknesses of which the Company is not currently
aware or which have not been detected; the impact of litigation and
regulatory proceedings; the impact and timing of any cost-savings
measures; the termination or modification of current contracts
which could impair attainment of the Company’s OneCloud ARR metric;
the duration, severity and impact of the coronavirus pandemic; the
impact of the Russia/Ukraine conflict on the global economy and the
Company’s business, including impacts from related sanctions and
export controls imposed by the U.S., UK and the EU on certain
industries and Russian parties as a result of the conflict, as well
as responses by the governments of Russia or other jurisdictions;
and other factors discussed in the Company’s Annual Report on Form
10-K and subsequent quarterly reports on Form 10-Q filed with the
SEC. These risks and uncertainties may cause the Company’s actual
results, performance, liquidity or achievements to differ
materially from any future results, performance, liquidity or
achievements expressed or implied by these forward-looking
statements. For a further list and description of such risks and
uncertainties, please refer to the Company’s filings with the SEC
that are available at www.sec.gov. The Company cautions you that
the list of important factors included in the Company’s SEC filings
may not contain all of the material factors that are important to
you. In addition, in light of these risks and uncertainties, the
matters referred to in the forward-looking statements contained in
this press release may not in fact occur. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement, as a result of new information, future events or
otherwise, except as otherwise required by law.
Source: Avaya Newsroom
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version on businesswire.com: https://www.businesswire.com/news/home/20221213005760/en/
Media Inquiries Meaghan Repko / Aura Reinhard Joele
Frank, Wilkinson Brimmer Katcher (212) 355-4449
Investor Inquiries Tyler Chambers investors@avaya.com
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