Waypoint files for bankruptcy to push restructuring forward

posted on 26th November 2018 by Omar
Waypoint files for bankruptcy to push restructuring forward

Helicopter leasing company Waypoint has filed for bankruptcy relief in the hopes it will move forward its current restructuring process.

A released statement noted: “Waypoint Leasing Holdings Ltd., the 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.”