Thursday 19 September 2019

Limerick firm backed by Soros and Dell goes bankrupt

Heavy hitters: The company’s backers include George Soros, pictured, and Michael Dell
Heavy hitters: The company’s backers include George Soros, pictured, and Michael Dell
Gavin McLoughlin

Gavin McLoughlin

A Limerick-based helicopter leasing firm, backed by George Soros and Michael Dell, has filed for bankruptcy in the US.

Waypoint Leasing said it was looking to find a new buyer.

The so-called 'Chapter 11' bankruptcy process allows a company to reorganise its debts.

Waypoint said it "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."

It added: "To this end, Waypoint has run a comprehensive sale process over the past months, 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 our customers."

The company's backers include MSD Capital, described by Waypoint as a "private investment firm that was established in 1998 to exclusively manage the capital of Michael Dell and his family". Another backer is Quantum Strategic Partners, described as "a private investment vehicle intended for long duration investments exclusively for the benefit of Mr George Soros and Soros family clients."

Waypoint's customers include operators in the oil and gas sector, emergency medical services, search and rescue, and wind farm support.

Chief executive Hooman Yazhari said the bankruptcy filing was "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.

"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 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."

Irish Independent

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