The capital restructuring is not the problem, it is the symptom. The reality is that Avaya has been losing installed based for over 10 years, first to Cisco and VOIP transitions, now to Microsoft, either as a transition, or more significantly as the future (60-70% of Aura/CM customers are committing to SfB for UC, and reducing their telephony investment to a sustenance level). This combination has caused a 6-7% revenue decline for 5 years (2013 to 2017 inclusive). The reality is that it is very difficult to compete with Cisco in VoIP due to their data net adjacency and with Msoft for UC due to their personal productivity software adjacency. The most valuable and best option for success is the Contact Center. Avaya needs a strategy to focus on areas that can win and not try to beat companies that are not competition on a level playing field. The concept of following the current strategy, the same one in place for the last 7 years, is insanity as defined by Einstein (repeating the same action and expecting a different outcome is insanity). The challenge is getting a board, management, CEO, etc. with the vision and persistence to pursue a strategy to Make Avaya Great Again.
While Avaya emerging from bankruptcy is great news, and there will be an immediate bump due to the pent-up upgrade demand from the bankrupt period, reducing the debt by a couple of billion does not change the underlying market dynamics.