In my opinion they missed the target, and a chance to really make a new statement. Using the colors from the old logo is the only thing I like about it.
Typographically, it looks like they just used a regular font and used kiss kerning between the letters.
I would have worked those letter forms to make the shapes more balanced to how the human eye views the overall design.
I think the e is ok, but the baseline in relation to the other letters and the way it hits the b is off. The counter-space in the b has too much offset, you need a little offset for small lettering but in large letters it's just too distracting.
The a is alright but I would have modified it with a slightly higher set bowl.
The y looks like it came from a different font altogether. Typically I like when letter forms touch, but this one is odd to me because the letter shapes don't really lend themselves to this tight kerning.
It would be interesting to know how much some ad agency got paid to do the re-design?