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Waypoint moves forward with reorganisation
Helicopter leasing company Waypoint Leasing Holdings Ltd has announced that it and certain of its subsidiaries have filed for voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York, US.
The filing was made in order to speed up the company’s restructuring process, says Waypoint, and is in order to facilitate the acquisition of the company by new ownership. Over the past six months Waypoint has been working with its lender to de-lever is balance sheet and reposition the company in a position of more strength. It has also filed a number of customary motions with the court in order to seek authorisation to support its operations while it restructures and during the Chapter 11 process.
“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.
During the process, Waypoint has said that it will continue to support its customers to its full capabilities.
“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,” added Yazhari. “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.”
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