Silver Airways, a U.S.-based regional carrier, has received a $5.78 million stalking horse bid from KIA II, a financial firm that had previously provided debtor-in-possession (DIP) financing to the airline. This development positions Silver Airways to move forward in its efforts to exit bankruptcy proceedings and reestablish operational normalcy.
StandardAero (US) has initiated legal action in bankruptcy court, seeking an order that would compel Silver Airways (US) to return a leased aircraft engine currently in the airline’s possession. The action comes as part of the ongoing bankruptcy proceedings involving Silver Airways, which has been struggling to stabilize operations and address creditor claims.
Silver Airways and its subsidiary Seaborne Virgin Islands have been granted approval to extend the 60-day period under Section 1110 of the U.S. Bankruptcy Code as part of their ongoing Chapter 11 restructuring efforts. This extension allows the carriers to maintain control of their aircraft and essential assets, ensuring operational continuitywhile they restructure financially.
Silver Airways and Seaborne Virgin Islands, both operating under bankruptcy proceedings, have filed a court request to extend agreements with aircraft lessors beyond the current 60-day period. The airlines seek additional time to finalize the sale of their assets, ensuring a structured transition amid financial restructuring efforts.
Silver Airways, a US-based regional carrier, has ceased operations to Anguilla with immediate effect following the revocation of its seasonal permit. The decision by Anguillan authorities stems from the airline’s failure to pay outstanding fees totaling $103,549.
Silver Airways (US) has announced that it will utilize cash collateral to cover its operating expenses for an initial two-week period. This move comes as the airline works to secure Debtor-in-Possession (DIP) financing, which is essential for stabilizing its financial position and continuing operations.
Silver Airways (US) has voluntarily filed for Chapter 11 protection in the US Bankruptcy Court, initiating a financial restructuring process aimed at securing additional capital. This decision reflects the airline’s strategy to strengthen its financial position and enhance its ability to navigate a challenging economic environment.
