Avaya CEO rings NYSE bell as vendor floats

Comms vendor goes public a year after slipping into Chapter 11

Comms vendor Avaya has listed on the New York Stock Exchange (NYSE), with CEO Jim Chirico ringing the bell in downtown Manhattan to signal the start of trading today.

The listing marks a turnaround in fortune for the vendor, which this time last year was entering Chapter 11 and gearing up to offload its networking business to help bring about financial stability.

Avaya CEO Jim Chirico said the listing will free up $300m (£217m) for the vendor, which it plans to plough into R&D.

"On behalf of our entire team, our customers and partners, it is an honour to mark this first day of trading on the NYSE for the new Avaya, which is more focused than ever on leading the industry's digital transformation," he added.

"Building on our history of innovation and expertise in deploying globally scalable solutions, Avaya sits today at the strategic nexus of connectivity for the enterprise."

Avaya claims to have more than 130,000 customers worldwide, including 90 per cent of the Fortune 500.

The vendor's future was plunged into doubt last year after it filed for Chapter 11, owing millions to its channel partners. At the time it promised to come back "stronger than ever".

The networking division of the firm has since been sold off to Extreme Networks, and in August last year Avaya secured a deal to restructure its debt with its largest creditor, which included wiping $3bn off the amount it owed.