Waypoint Leasing Holdings Ltd, a helicopter leasing company, said Nov. 25 that has voluntarily filed for Chapter 11 bankruptcy in New York. Waypoint said it has run a comprehensive sale process over the past months, has received many bids, and expects to use Chapter 11 to facilitate the acquisition by a new owner. Waypoint is backed by billionaires George Soros and Michael Dell. Weil, Gotshal & Manges LLP is serving as Waypoint’s legal counsel, while Houlihan Lokey is their investment banker. FTI Consulting Inc and Seabury Corporate Services LLC are serving as restructuring advisors.
LIMERICK, Ireland–(BUSINESS WIRE)–Waypoint Leasing Holdings Ltd., the largest independent global helicopter leasing company, today announced that it and certain of its subsidiaries (collectively “Waypoint” or the “Company”) have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). Waypoint expects to move through the restructuring process as expeditiously as possible and is committed to working with its lenders and all stakeholders towards a speedy and successful transformation. To this end, Waypoint has run a comprehensive sale process over the past months, has received bids from numerous parties, and expects to use the Chapter 11 process to facilitate the acquisition of Waypoint by a new owner with a continued focus on our customers.
Over the past six months, Waypoint has been actively working with its lenders to de-lever its balance sheet and reposition the Company for strength and stability. Waypoint plans to continue that work during the Chapter 11 process, and in addition to de-levering, Waypoint will continue to implement strategic initiatives. Waypoint has filed a number of customary motions with the Court seeking authorization to support its operations during the restructuring process and ensure a smooth transition into Chapter 11. The Company expects to continue its support for its customers on an uninterrupted basis and to work with all vendors and suppliers in the ordinary course for all goods and services provided on or after the filing date.
“Waypoint’s Chapter 11 filing is the next step in our holistic transformation strategy and will provide us with the opportunity to emerge with a stronger, sustainable and more competitive balance sheet,” said Hooman Yazhari, Chief Executive Officer of Waypoint. “It will further catalyse our ability to implement many of the innovative and evolutionary changes to our business model, allowing us to meet head-on the challenges and opportunities which our displaced industry presents. During our continued transformation, our team will work as hard as possible to demonstrate Waypoint’s true value as the most dedicated and capable steward of our assets. We will also continue our intense focus to deliver on the needs and requirements of our customers. I am incredibly grateful for our supportive stakeholders, including our global customer base, OEM and MRO suppliers, other partners and our talented team of employees.”
Established in 2013, Waypoint’s fleet is supported by over 40 employees based in eight offices worldwide. Waypoint’s aircraft diversity and customization capabilities have led to the lessor’s market-leading position across multiple mission segments including oil and gas, emergency medical services (EMS), government and humanitarian services, utility and firefighting, search and rescue (SAR) and wind farm support. Waypoint’s portfolio includes more than 160 aircraft flying with 36 customers in 34 countries.
Additional Information about the Restructuring Process
For Court filings and other documents related to the court-supervised process, please visit http://www.kccllc.net/waypointleasing, call 888-733-1446 (US and Canada) (for toll-free domestic calls) and 310-751-2635 (for tolled international calls), or email WaypointInfo@kccllc.com.
Weil, Gotshal & Manges LLP is serving as legal counsel, Houlihan Lokey is serving as investment banker, and FTI Consulting, Inc. and Seabury Corporate Services LLC are serving as restructuring advisors.
About Waypoint Leasing:
Waypoint is a global helicopter leasing company that provides operating lease and financing solutions to helicopter operators worldwide. Headquartered in Limerick, Ireland, Waypoint differentiates itself with a senior management team that has direct helicopter operating and leasing experience in key helicopter markets around the world, having leased helicopters across Africa, Asia, Australia, Europe, and North and South America. Waypoint serves a wide range of sectors including oil and gas, emergency medical service, search and rescue, governmental and humanitarian services, utility and firefighting and wind farm support. In addition to Ireland, Waypoint has offices in London, the United States, Canada, Hong Kong, Brazil and South Africa. Further information is available at www.waypointleasing.com.