Florida-based Silver Airways says it will keep flying after bankruptcy filing
Silver Airways, a regional airline that serves Florida and the Caribbean, continues flying after filing for Chapter 11 bankruptcy reorganization on Monday.
The Hollywood, Florida-based airline plans to secure new capital and restructure its debt through bankruptcy, Silver said in a statement. It aims to emerge from bankruptcy in the first quarter of 2025 as a stronger, more competitive airline.
All existing bookings, including those made via partners JetBlue Airways and United Airlines, "remain valid," and all customers "will experience no disruptions to their bookings or services," Silver said.
Several U.S. airlines continue to struggle following the pandemic. While travelers have returned in record numbers, the cost of many items from aircraft to labor increased dramatically during the recovery. The largest U.S. ultra low-cost carrier, Spirit Airlines, filed for bankruptcy protection in November amid mounting bills and weak revenue.
Silver faces similar cost challenges. In a bankruptcy court filing, the airline disclosed numerous unpaid debts. It owes nearly $4.5 million to aircraft lessor Azorra for its fleet of ATR turboprops and $2.1 million to the Internal Revenue Service in unpaid taxes or fees. Silver also lists unpaid bills at some of its busied airports, including the operators of Fort Lauderdale-Hollywood International Airport (FLL), Orlando International Airport (MCO), and San Juan's Luis Munoz Marin International Airport (SJU).
The airline has also struggled to expand in recent years. Attempts to add flights outside of Florida and the Caribbean have all ended unsuccessfully. Silver exited its last two U.S. destinations outside of Florida — Georgia's Savannah/Hilton Head International Airport (SAV) and South Carolina's Greenville-Spartanburg International Airport (GSP) — in March, schedule data from aviation analytics firm Cirium Diio shows.
And, in March, American Airlines ended its loyalty partnership with Silver.
Silver serves 22 destinations in Florida and the Caribbean today, primarily from bases in Fort Lauderdale and San Juan, Cirium schedules show. It operates a fleet of eight ATR 42 and six ATR 72 turboprops.
Silver subsidiary Seaborne Airlines also flies Twin Otter seaplanes between St. Thomas and St. Croix in the Caribbean.
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