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NEW YORK (Reuters) – The Waypoint Leasing Holdings Ltd helicopter leasing company, backed by billionaire investment firms George Soros and Michael Dell, announced Sunday that it voluntarily went bankrupt in New York and planned to restructure.
Waypoint said in a press release that he would use the Chapter 11 process to sell to a new owner and that a recent sales effort had helped to collect "many parts" offers.
"The Waypoint chapter 11 repository is the next step in our overall transformation strategy and will provide us with the opportunity to emerge with a stronger, more sustainable and more competitive balance sheet," Chief Executive Hooman Yazhari said in a statement. .
The company based in Limerick, Ireland, which has traditionally focused on transportation for the oil and gas sector, will continue to operate during the bankruptcy period and reduce debt, according to the press release.
Falling oil prices have hit energy companies in recent years; One of Waypoint's biggest customers was CHC Helicopter, which had emerged from a court-supervised restructuring in 2017 as a result of financial problems.
Waypoint's shareholders include Quantos Strategic Partners Ltd. of Soros, Dell's MSDC Waypoint Investors, LLC and the private equity firm Cartesian Capital Group, according to a public rating.
E-mails addressed to the three investment firms seeking comments were not immediately returned.
Lawrence Delevingne report; Edited by Peter Cooney and David Gregorio
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