Waypoint Leasing Holdings files bankruptcy to facilitate company sale

By Caroline Salls

Pittsburgh, Nov. 26 – Waypoint Leasing Holdings Ltd. filed Chapter 11 bankruptcy Sunday in the U.S. Bankruptcy Court for the Southern District of New York to facilitate a sale of the company, according to a news release.

Waypoint said it expects to move through the restructuring process as quickly as possible and is committed to working with its lenders and all stakeholders toward a speedy and successful transformation.

The company said it has run a comprehensive sale process over the past months and has received bids from numerous parties.

In addition, Waypoint said it has been 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, the company will continue to implement strategic initiatives.

“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,” chief executive officer Hooman Yazhari said in the release.

“It will further catalyze 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.”

According to court documents, Waypoint has $1 billion to $10 billion in both assets and debt.

The company’s largest unsecured creditor is Airbus Helicopters Deutchland GmbH of Donauwoerth, Germany, with a $4.6 million trade debt claim.

No other unsecured creditors were listed with claims of $1 million or more.

Weil, Gotshal & Manges LLP is acting as legal counsel, Houlihan Lokey is acting as investment banker, and FTI Consulting, Inc. and Seabury Corporate Services LLC are acting as restructuring advisers to Waypoint.

Limerick, Ireland-based Waypoint is a global helicopter leasing company that provides operating lease and financing solutions to helicopter operators worldwide. The Chapter 11 case number is 18-13648.

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