Dell, Soros-backed Waypoint Leasing files for bankruptcy

NEW YORK (Reuters) - Waypoint Leasing Holdings Ltd, the helicopter leasing company backed by investment firms for billionaires George Soros and Michael Dell, said on Sunday it had voluntarily filed for bankruptcy in New York and planned to restructure.

Waypoint said in a press release it would use the Chapter 11 process to sell itself to a new owner and that a recent sales effort had garnered bids from “numerous parties.”

“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,” Chief Executive Officer Hooman Yazhari said in a statement.

The Limerick, Ireland-based company, which has traditionally focused on transportation for the oil and gas sector, will continue to operate as it goes through bankruptcy and reduces leverage, according to the press release.

https://www.reuters.com/article/us-waypoint-bankruptcy/dell-soros-backed-waypoint-leasing-files-for-bankruptcy-idUSKCN1NV005

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