Last year was a mixed bag for Avaya. The communications systems company surpassed Cisco as the leading provider of IP telephony, voice communication over the Internet rather than phone lines. It also saw big losses -- and a second year the biggest losers list. Drags on the balance sheet include weak IT spending, costs stemming from its 2009 acquisition of Nortel Networks, and ongoing restructuring efforts.
Private-equity firms Silver Lake Partners and TPG bought Avaya in 2007 for about $8 billion and took the company private that year. Since then, the company has been saddled with debt resulting from the leveraged buyout. It recently filed for an IPO, originally planned for early 2012, but the date was pushed back indefinitely, reports say, due to fears over weak demand.