US independent helicopter leasing company Waypoint Leasing has filed voluntary petitions for relief, along with certain of its subsidiaries, under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York. 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, it has been running a comprehensive sale process, 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 its customers.

Over the past six months, Waypoint has been actively working with its lenders to deleverage its balance sheet and reposition the company for strength and stability. The company plans to continue that work during the Chapter 11 process while continuing to implement strategic initiatives. It has filed a number of customary motions with the Court seeking authorisation 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 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,” says CEO Hooman Yazhari. “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 that 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.”

Established in 2013, Waypoint's fleet is supported by over 40 employees based in eight offices worldwide. Its aircraft diversity and customisation capabilities support it across multiple mission segments including oil and gas, emergency medical services, government and humanitarian services, utility and firefighting, search and rescue and wind farm support. Waypoint's portfolio includes more than 160 aircraft flying with 36 customers in 34 countries.