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 focussed 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.
Lower oil prices have slammed energy companies in recent years; one of Waypoint's largest customers was CHC Helicopter, which emerged from a court-supervised restructuring in 2017 following financial problems.
Equity owners of Waypoint include Soros' Quantum Strategic Partners Ltd, Dell's MSDC Waypoint Investors, LLC, and private equity firm Cartesian Capital Group, according to a public filing.
Emails to the three investment firms seeking comment were not immediately returned.
(Reporting by Lawrence Delevingne; Editing by Peter Cooney and David Gregorio)
By Lawrence Delevingne