Florida-based regional carrier Silver Airways has filed for Chapter 11 bankruptcy protection. Silver said operations and bookings are continuing as normal and all tickets remain valid.
"This decision will allow us to secure additional capital and undertake a financial restructuring that will strengthen our position as a competitive airline," Silver wrote in an open letter to customers. "We anticipate completing this process by the first quarter of 2025."
Silver flies to 24 cities in Florida, the Bahamas and the Caribbean, utilizing primary bases in Fort Lauderdale and San Juan. Its 14-plane fleet consists of 46-seat and 72-seat ATR turboprops, plus two De Havilland DHC-6-300 Twin Otter seaplanes that fly between St. Thomas and St. Croix under its Seaborne brand.
In its Dec. 30 bankruptcy filing with the U.S. Bankruptcy Court for the Southern District of Florida, Silver said it has between $100 million and $500 million in assets and liabilities.
Silver's largest unsecured creditor is the Internal Revenue Service (IRS) with a claim of $2.06 million. Then comes Ireland-based aircraft lessors Truenoord at $1.51 million and Nordic Aviation Capital at $1.47 million. In total, Silver has between 1,000 and 5,000 creditors.