All participants will be in listen-only mode [Operator instructions] After today's presentation, there will be an opportunity to ask questions. Joining me today are Vlad Shmunis, founder, chairman, and CEO; Mo Katibeh, president and chief operating officer; and Sonalee Parekh, chief financial officer.
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. 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.
MORRISTOWN, N.J., February 14, 2023--Avaya Holdings Corp. (NYSE: AVYA) ("Avaya" or the "Company"), a global leader in solutions to enhance and simplify communications and collaboration, today announced that it has entered into a Restructuring Support Agreement (the "Financial Restructuring") with overwhelming support of more than 90% of the Company’s secured lenders (the "Investor Group"). Implementing the Financial Restructuring will accelerate Avaya’s ongoing business transformation, significa