Voyager Aviation, an aviation investment firm, reached an agreement to sell substantially all its assets to aircraft lessor Azorra Explorer (an affiliate of Azorra Aviation). Azorra will assume and maintain ongoing employee and business arrangements with Vogaer Aviation’s employees and aircraft lessees.
After engaging in a marketing process, Voyager Aviation and its financial advisors determined that the agreement with Azorra would enable the company to maximize value for all stakeholders, position its assets and customers for continued success, and capitalize on the rebound of the commercial aircraft leasing industry.
“[Voyager Aviation] has always focused on using its entrepreneurial culture to provide the best possible support and service for our customers, and we are confident that this combination positions us to benefit all of our stakeholders,” Hooman Yazhari, executive chair of Voyager Aviation, said. “The agreement with Azorra presents the best opportunity for our airline customers and employees, and we look forward to a very bright future.”
To execute the sale, Voyager Aviation filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code. The company is entering Chapter 11 with a sale agreement with Azorra, a Chapter 11 plan and the support of key financial stakeholders to sell substantially all of its assets and transition its employees and lease agreements to Azorra, as documented in a restructuring support agreement.
To guide Voyager Aviation through the Chapter 11 and sale process, the company appointed Robert Del Genio from FTI Consulting its chief restructuring officer. In connection with Del Genio’s appointment, Yazhari will be stepping down from his role as executive chair following a transition period and continuing as a non-executive director.
Voyager Aviation will continue operating as usual and is working to close the sale process as soon as possible, with the target of completing sales, including lease novations, by Q4/23 or Q1/24.
Milbank, Vedder Price, Greenhill and FTI Consulting advised Voyager Aviation in this process.
