Amidst financial struggles, the airline has voluntarily applied for Chapter 11 protection, which, according to the United States Courts, is a “reorganisation” bankruptcy.
“Usually, the debtor remains ‘in possession,’ has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money. A plan of reorganisation is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements.”
The airline’s open letter stated that all customer tickets will remain valid and that it will continue operations as usual, with no disruptions to bookings or services made through any agency or website.
Regarding the bankruptcy, Silver Airlines said: “This decision will allow us to secure additional capital and undertake a financial restructuring that will strengthen our position as a competitive airline, ultimately benefiting you – our valued customers. We anticipate completing this process by the first quarter of 2025, emerging stronger and ready to continue serving you with the same dedication we’ve upheld for over 13 years.”
Debuting operations in 2011, Silver Airlines serves the air travel market between Florida, the Southeast and The Bahamas, with headquarters in Fort Lauderdale and a fleet of eight ATR 42-600 and six ATR 72-600 aircraft. Additionally, it operates De Havilland DHC-6-300 Twin Otter Seaplanes via Seaborne, a San Juan, Puerto Rico-based air carrier that Silver Airlines acquired in 2018.
Photo: Silver Airways