Waypoint sale approved
A New York bankruptcy judge has approved the sale of Waypoint Leasing’s assets – including most of its helicopters – to Macquarie Group and some of its secured lenders.
Macquarie will receive most of the Irish-lessor’s helicopters and some of Waypoint’s biggest lenders – comprising Wells Fargo, Lombard North Central and SMBC – will receive collateral from two debt facilities.
The three lenders have filed credit bids to write off debt and take back the collateral (the helicopters). Wells Fargo is looking to secure 6 helicopters, Lombard has closed its bid and taken back 17 helicopters and SMBC is looking to take back another 17 helicopters and finalise the deal in a court hearing at the end of the month.
Waypoint leasing filed for Chapter 11 Bankruptcy on 25 November last year. The filing covered more than 100 companies and trusts. At the time, the lessor managed a fleet of 166 aircraft valued at $1.6 billion.
On 8 December, Macquarie announced it planned to buy Waypoint Leasing for $650 million. This included the majority of Waypoint’s managed helicopters and plans to assimilate its staff. Waypoint lenders also agreed to provide a $45 million debtor-in-progression facility.
Macquarie buys Waypoint Leasing for $650 million December 8 2018
What went wrong at Waypoint Leasing? December 5 2018
Waypoint Leasing in numbers November 27, 2018
Waypoint Leasing files for Chapter 11 November 25, 2018
Why 2018 is a year of change for Helicopter Leasing November 23, 2018
Credit freeze hits helicopter market September 5, 2018
Waypoint Leasing in talks with lenders September 2, 2018