Waypoint files for Chapter 11 to restructure
Waypoint Leasing Holdings Ltd. released a statement that it has 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. Waypoint describes itself as the largest independent global helicopter leasing company.
Established in 2013, Waypoint’s fleet is supported by more than 40 employees based in eight offices worldwide. Waypoint’s portfolio includes more than 160 aircraft flying with 36 customers in 34 countries.
“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, CEO 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.”
Waypoint states that it expects to use the Chapter 11 process to restructure the company and ultimately facilitate its acquisition by a new owner. To this end, Waypoint explains it has run a sales process over the past months and has received bids from numerous parties.
Over the past six months, Waypoint explains it has been actively working with its lenders to reposition the company. Waypoint has filed a number of customary motions with the court seeking authorization to support its operations during the restructuring process.
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