Jan 18, 2018 - Economy

Avaya CEO has tough words for private equity

Avaya at the NYSE opening bell ceremony

Source: NYSE

Shares of telecom company Avaya began trading yesterday on the New York Stock Exchange, more than a decade after an $8.2 billion private equity takeover whose debt-load helped drive the company into bankruptcy early last year.

Jim Chirico, who took over as CEO last October after previously serving as chief operating officer, still has some hard feelings over the balance sheet imbalance:

It was like driving a car with the parking brake on.
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