Silver Airways filed Chapter 11 bankruptcy in the Southern District of Florida on Monday, listing both assets and liabilities of $100 to $500 million each and doesn’t expect anything to be left for unsecured creditors after administrative expenses of the bankruptcy are paid.
They have not publicly disclosed a detailed restructuring plan, other than securing additional capital and shedding liabilities. Customers are being told their filing will not affect flight operations. The carrier projects completing restructuring by the end of the first quarter of 2025.
A year and a half ago I wrote about how Silver hadn’t been paying rent at its Fort Lauderdale hub and faced eviction after running up a seven figure tab.
Earlier this year American Airlines dropped them as a codeshare partner. The carrier stopped flying north of Greenville-Spartanburg in South Carolina, and I said they were bleeding cash. The carrier took strenuous objection, blowing up my email with unpleasantries. I turned out to be correct.
The Silver Airways fleet consists of 8 ATR42s and 6 ATR72s. Subsidiary Seaborne Virgin Islands has two float-equipped DHC-6-300s. Their network currently includes intra-Florida routes as well as Bahamas and Caribbean flying. (They no longer fly north of Florida.)
Major creditors include their aircraft lessors, $2.1 million owed to the IRS, and airport authorities in Orlando and Fort Lauderdale (owed at least $1 million each). Under certain conditions non-trust fund tax debt, generally at least three years old, can be discharged in bankruptcy.
(HT: Nate)
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