Florida-Caribbean carrier Silver Airways ceases operations
"Please do not go to the airport. All credit card purchases should be refundable through your credit card company or your travel agency," reads a travel alert on Silver Airways' website.
The airline filed for Chapter 11 bankruptcy protection on Dec. 30, continuing operations with plans to complete its restructuring by the end of March. However, by April, the trustee in the bankruptcy proceeding had requested that the case be dismissed because Silver continued to bleed money and had failed to attain the financing necessary to achieve solvency.
At the time, Silver had $90 million in assets and $400 million in debt. Silver also owed $8 million in taxes and $27.7 million to unsecured creditors.
Silver entered Chapter 11 with 16 aircraft and a network of 24 cities in Florida, the Bahamas and the Caribbean. It was the parent of the Seaborn brand, which connected St. Croix and St. Thomas via seaplane.
By April, the company had reduced its fleet to seven aircraft, court records show. This month, Silver was scheduled to fly to 16 destinations, according to Cirium data.
In a statement, Silver said it had entered into a transaction to sell assets to another airline holding company that "unfortunately has determined to not continue Silver's flight operations in Florida, the Bahamas and the Caribbean."
According to South Florida NPR affiliate WLRN, Silver recently went up for auction, but drew no bidders. As a result, the carrier was awarded by default to Connecticut-based Wexford Capital, which had loaned Silver $5.7 million for operations during its Chapter 11 process. That figure was the baseline price at the auction.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
37 minutes ago
- Forbes
Climate, Anti-Wealth Groups Fail To Stymie Demand For Private Jets
Efforts by climate and anti-wealth campaigners to hold back demand for private jet flights are failing, at least so far in 2025. Despite efforts by more countries to impose taxes on private jet flights (as well as first- and business-class tickets on airlines), demand for private jet flights increased during the first half of 2025 compared to 2024. WingX data shows that worldwide private jet segments increased by 3% through June, resulting in more than 1.8 million departures. And it wasn't just jets. Turboprops flew over an additional one million flights, a 2% year-over-year increase. The gains come after two years of slight decline after Covid-led demand peaked in 2022. So far in 2025, only two weeks have seen a year-over-year dip, including Week 1. Since then, the industry has experienced increases in 22 weeks, with two weeks showing no change. In the U.S., the largest market for private aviation, departures increased by 3.6%, and flight hours rose 3.4% year-over-year, according to WingX. All the major cabin-size categories saw gains (only entry-level jets and VIP airliner jets saw dips). Light jets, the largest segment of the industry (26.5% of departures in H1), saw a 3.5% year-over-year increase, although flight hours were only up 2.7%, indicating more short hops. The ability to fly nonstop and avoid connecting via hubs, as well as the convenience of flying instead of taking long drives, are among the top reasons users choose private flights, according to research by Private Jet Card Comparisons. However, it wasn't just above short hops. Ultra-long-range jets, which can fly 12 hours or more nonstop, saw a 5.3% increase in segments, tied with super-light jets for the biggest year-over-year gain. Even in Europe, where groups regularly target private jet users with protests at airports, the segment increased by 0.3% year-over-year. France, Europe's largest market for private aviation, saw a 1.1% increase in demand despite efforts to increase taxes on charter flights. Among the 10 largest markets, Spain led the way with a 5.3% year-over-year gain, while Italy (+3.8%), Sweden (+0.7%), and the United Kingdom (+0.7%) all saw year-over-year increases in private jet flights. What's more, the industry appears bullish on itself. NetJets took delivery of its first two Embraer Phenom 500s. It has options for up to 250 midsize jets, in addition to options and orders for over 1,500 more private jets from Textron Aviation and Bombardier. A mystery buyer placed a firm order with Bombardier for 50 jets. The Canadian manufacturer stated that it is a first-time customer, ruling out the three most prominent players – NetJets, Flexjet, and Vista Global – and indicating that it could be a new entrant. The order, which includes options for 70 more jets, is initially valued at $1.7 billion and could range to over $4 billion. Bombardier only manufactures super-midsize, large, and ultra-long-haul private jets, all with stand-up cabins across its Challenger and Global lines, meaning whoever is behind the order is seeking to play in the premium, long-haul segment of the market. That follows a record order by Flexjet with Embraer earlier this year that will see it double its fleet to over 600 aircraft by early next decade. NetJets expects to take delivery of approximately 90 new jets this year, according to company executives. The unit of Berkshire Hathaway, which offers fractional ownership programs, said the airplanes it received were sold to customers before their arrival. While concerns about tariffs and trade wars persist, Q1 pre-owned private jet transactions among members of the International Aircraft Dealers Association increased by 24%. The General Aviation Manufacturers Association, which tracks deliveries of new private aircraft, has an 11% year-over-year increase in business jet deliveries in Q1, however, that trailed the increase for turboprop deliveries, which were up 23.1% year-over-year. Bonus depreciation, part of the Big Beautifull Bill, passed by the U.S. Congress and signed into law by President Donald J. Trump, which applies to private jets used for business, is expected to add froth to the market.
Bloomberg
an hour ago
- Bloomberg
Del Monte's Creditor Settlement Was the Last Straw
Welcome to The Brink. This is Reshmi Basu in New York and Steven Church in Wilmington, and we've outlined the events that led Del Monte to file for bankruptcy. We also have news on private credit distress and Apollo's Kem One. Follow this link to subscribe. Send us feedback and tips at debtnews@ In its ongoing effort to avoid bankruptcy, the canned fruit and vegetable giant, Del Monte Foods, has cut agreements with lenders and taken on a number of loans over the last several years.
Yahoo
3 hours ago
- Yahoo
What Happened to Dr. Phil's Cable TV Network? Bankruptcy Report Explained
Dr. Phil McGraw's return to TV through his own cable network, Merit Street Media, made headlines when it launched with promises of bold, viewer-focused programming. But just months after its debut, the network has filed for Chapter 11 bankruptcy. The filing, tied to a financial dispute with its broadcasting partner, has raised concerns about the future of the channel, its shows, and Dr. Phil's primetime comeback. Here's a breakdown of what happened and what it means going forward. Dr. Phil McGraw's ambitious cable TV venture, Merit Street Media, has filed for Chapter 11 bankruptcy. This development sparked questions about its future. The filing, made in the Northern District of Texas earlier this week, stems from a dispute with its broadcast partner, the Trinity Broadcasting Network (TBN). Despite the financial upheaval, sources say this isn't the end of the road for the network. It certainly isn't for Dr. Phil's media ambitions. The bankruptcy filing is viewed as a strategic move to protect the Merit Street brand, rather than a full shutdown. 'Dr. Phil is deeply committed to the future of the brand and his employees,' said People's source familiar with the situation. They added that McGraw remains 'focused, energized,' and actively engaged with his team. The legal drama began when Merit Street Media filed a lawsuit against TBN and TCT Ministries, Inc. The complaint accuses TBN, which held a controlling stake in the network, of intentionally sabotaging operations. The network alleges that TBN forced it to take on unsustainable debt and failed to make necessary distribution payments — a responsibility TBN had acknowledged in the past. As a result, Merit Street lost its national distribution channels, leaving it with nowhere to air its content. The lawsuit claims TBN's actions resulted in over $100 million in financial obligations and called the conduct 'a conscious, intentional pattern of choices' that ultimately undermined a promising, nationally recognized network. The next chapter of Merit Street Media will depend on the outcome of ongoing legal proceedings. Whether the brand can recover from its sudden loss of distribution is also a key factor. The post What Happened to Dr. Phil's Cable TV Network? Bankruptcy Report Explained appeared first on - Movie Trailers, TV & Streaming News, and More. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
