Avaya Technologies has completed its restructuring, emerging from chapter 11 bankruptcy with $650 million in liquidity, the Triangle Business Journal reported. The company, once headquartered in Durham, N.C., where it initiated layoffs leading up to the bankruptcy, is now headquartered in New Jersey. In a press release about the firm’s transition from chapter 11, CEO Alan Masarek said the plan was to “mov[e] ahead with significant financial resources to accelerate investment in our portfolio as we continue delivering innovation without disruption to our customers.” Avaya’s reorganization plan was approved in March. The plan came after what attorney Aparna Yenamandra with Kirkland & Ellis called “months of intense, arm’s-length and at times adversarial negotiations.” While most objections to the plan were resolved, those tied to shareholder letters were ultimately passed over. Shareholders, some of whom told the Triangle Business Journal they invested after Masarek outlined his vision, were left in the lurch. The company has said in documents tied to the chapter 11 that it does “not expect shareholders to receive any recovery at the end of the court-supervised process, consistent with legal priorities.”
