Avaya Discloses Certain Information Related to Ongoing Constructive Discussions with Financial Stakeholders
RALEIGH-DURHAM, N.C., December 13, 2022--(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").
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.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20221213005760/en/
Meaghan Repko / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher