Silver Airways, a regional airline that serves Florida and the Caribbean, continues flying after submitting for Chapter 11 chapter reorganization on Monday.
The Hollywood, Florida-based airline plans to safe new capital and restructure its debt by means of chapter, Silver mentioned in a statement. It goals to emerge from chapter within the first quarter of 2025 as a stronger, extra aggressive airline.
All present bookings, together with these made through companions JetBlue Airways and United Airways, “stay legitimate,” and all prospects “will expertise no disruptions to their bookings or companies,” Silver mentioned.
A number of U.S. airways proceed to wrestle following the pandemic. Whereas vacationers have returned in report numbers, the price of many objects from plane to labor elevated dramatically throughout the restoration. The biggest U.S. extremely low-cost service, Spirit Airways, filed for bankruptcy protection in November amid mounting payments and weak income.
Silver faces comparable price challenges. In a chapter courtroom submitting, the airline disclosed quite a few unpaid money owed. It owes practically $4.5 million to plane lessor Azorra for its fleet of ATR turboprops and $2.1 million to the Inside Income Service in unpaid taxes or charges. Silver additionally lists unpaid payments at a few of its busied airports, together with the operators of Fort Lauderdale-Hollywood Worldwide Airport (FLL), Orlando Worldwide Airport (MCO), and San Juan’s Luis Munoz Marin Worldwide Airport (SJU).
The airline has additionally struggled to increase lately. Makes an attempt so as to add flights outdoors of Florida and the Caribbean have all ended unsuccessfully. Silver exited its final two U.S. locations outdoors of Florida — Georgia’s Savannah/Hilton Head Worldwide Airport (SAV) and South Carolina’s Greenville-Spartanburg Worldwide Airport (GSP) — in March, schedule knowledge from aviation analytics agency Cirium Diio reveals.
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And, in March, American Airways ended its loyalty partnership with Silver.
Silver serves 22 locations in Florida and the Caribbean immediately, primarily from bases in Fort Lauderdale and San Juan, Cirium schedules present. It operates a fleet of eight ATR 42 and 6 ATR 72 turboprops.
Silver subsidiary Seaborne Airways additionally flies Twin Otter seaplanes between St. Thomas and St. Croix within the Caribbean.
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