Waypoint Leasing Holdings filled for Chapter 11 bankruptcy

Waypoint Leasing HoldingsThe company Waypoint Leasing Holdings, which provides leasing services for helicopters to deliver personnel and various goods to offshore drilling platforms, initiated a bankruptcy process.

The application for bankruptcy was filed in the US court, although the company is registered in Ireland. Its investors are Michael Dell, founder of Dell Inc, and George Soros. The value of its assets is estimated at 1 billion USD and debt of 10 billion USD. The company owns more than 160 helicopters.

“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 the CEO of Waypoint Leasing Holdings, Hooman Yazhari. “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. 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 he.

Under US law, after filing for bankruptcy, the firm will continue its operations, and its property will be put up for sale as part of the auction.

Waypoint Leasing Holdings was able to survive the collapse in oil prices that began in 2014, but in 2016 one of the company’s largest clients, the CHC Group, declared bankruptcy. Waypoint Leasing Holdings has already completed one bankruptcy procedure in 2017, becoming the property of creditors.