Avaya, a communications company known for its hardware, will be restructuring under Chapter 11 bankruptcy. Avaya will try to monetize its assets for customers and stakeholders. One such asset is the Contact Center.

Kevin Kennedy, Chief Executive Officer of Avaya, says this Chapter 11 restructuring is part of an "ongoing transformation to a successful software and services business" moving away from its tenure of a hardware company. Kennedy is confident this move will allow the company to have more financial freedom to "invest in innovation and growth to enhance our market-leading competitive position."

With the $725 million CitiBank is underwriting and Avaya's cash reserves during the chapter 11 case, it is expected this will be enough to support Avaya's business operations with minimal disruptions for "customers, partners, and employees."

Reference | Avaya Statement | Chapter 11