Waypoint Leasing

Waypoint Leasing logo

Summary

Lender Advisor

Darien, CT

Waypoint Leasing was a global helicopter leasing company that provided leasing and financing solutions for helicopter operators. The company specialized in serving industries, including oil and gas, emergency medical services, utility, government, and search and rescue operations.

Waypoint Leasing faced declining lease rates and asset values, causing a liquidity crisis and long-term debt challenges for its lenders. Carl Marks Advisors (CMA) was engaged to support restructuring and M&A efforts by assessing valuation models, developing improved forecasts for asset pools and debt capacity, analyzing asset classifications, and advising on strategic options. CMA also modeled short-term liquidity and cash flow to stabilize operations before transactions.

Key Challenges
Declining Lease Rates
Decreased Value of Helicopter Portfolio
Liquidity Crisis
Impaired Debt Across 9 Tranches

Engagement Highlights

  • Perform an assessment of the model and allocation method devised by primary lender advisors.
  • Devise a new and improved valuation model to forecast the value of each of the pools of assets, as well the go-forward debt capacity of each pool.
  • Analyze asset designations, and suggest re-classification, when necessary, of “Core” and “Non-Core” assets.
  • Opine on the valuation and allocation suggested by sell-side advisors and advise SunTrust on strategic options.
  • Model short-term, pre-transaction liquidity and cash flow.

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