PATS Aircraft Systems restructured with new ownership

PATS Aircraft Systems has announced that it has executed a restructuring agreement with its lenders that formally establishes PATS as a fully capitalized, standalone company with a significantly reduced debt structure.

Pursuant to the restructuring, holders of PATS’ senior debt received 100 percent 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 CEO of DeCrane Aerospace; Daniel McHugh, CEO of Southern Air Inc.; Joseph Deignan and Matthew
Schliep, both of Wayzata Investment Partners LLC; and John Martin, PATS’ current president and CEO.

Martin said, “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.”

Wolfe, newly appointed chairman of the PATS’ board said, “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.

Go to http://www.patsaircraft.com for more information.