Georgetown, DE, November 29, 2011 – PATS Aircraft Systems is pleased to announce that it has executed a restructuring agreement with its lenders that formally establishes PATS as a fully capitalized, stand-alone company with a significantly reduced debt structure. Pursuant to the restructuring, holders of PATS’ senior debt received 100% of the available equity in exchange for reducing their debt amount. Importantly, the restructuring is transparent to all business operations and will have no impact on trade creditors, suppliers, customers and employees.
Private Investment funds managed by Wayzata Investment Partners LLC, a Minnesota-based private equity firm, now own a majority of the equity in PATS. The company’s board of directors is comprised of Roger Wolfe, former Chief Executive Officer of DeCrane Aerospace; Daniel McHugh, Chief Executive Officer of Southern Air Inc.; Joseph Deignan and Matthew Schliep, both of Wayzata Investment Partners LLC; and John Martin, PATS’ current President and CEO.
John Martin, PATS’ President and CEO stated, “This restructuring provides the company with a strong balance sheet that will ensure the long-term financial standing of PATS for customers, employees and shareholders. We are pleased by the strong support from Wayzata and for this consensual restructuring which improves our balance sheet, reduces debt and interest obligations, and enables continued reinvestment in our products and future growth.”
Roger Wolfe, newly appointed Chairman of the PATS’ Board stated, “With the support of new ownership, PATS is well positioned to realize the full value of its business potential. We look forward to the continued positive reception of PATS in our industry.”
PATS Aircraft Systems is an industry leading supplier of Auxiliary Fuel Systems (AFS) applications, Aerospace Component Manufacturing (including the Hollingsead International product line) and VIP executive aircraft maintenance, modification and executive interior completions services.
Please visit our website at http://www.patsaircraft.com for more information.