November 25, 2018 / 11:36 PM / 20 days ago

Dell, Soros-backed Waypoint Leasing files for bankruptcy

NEW YORK, Nov 25 (Reuters) - Waypoint Leasing Holdings Ltd, the helicopter leasing company backed by investment firms for George Soros and Michael Dell, said on Sunday it had voluntarily filed for bankruptcy in New York and planned to restructure.

“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 company will continue to operate as it goes through the bankruptcy process and reduces leverage, according to the statement.

Equity owners of the Ireland-based company include Soros’ Quantum Strategic Partners Ltd, Dell’s MSDC Waypoint Investors, LLC, and private equity firm Cartesian Capital Group, according to a public filing.

Reporting by Lawrence Delevingne; Editing by Peter Cooney

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