Florida based Silver Airlines has voluntarily filed for Chapter 11 protection in the United States Bankruptcy Court for the Southern District of Florida on December 30, 2024.
“This decision will allow us to secure additional capital and undertake a financial restructuring that will strengthen our position as a competitive airline, ultimately benefiting you—our valued customers,” Silver Airline said in a press statement.
The airline has confirmed that no bankruptcy cases were filed prior by or against the debtor within the last 8 years.
Silver Airline and Seaborne Virgin Islands, both facing bankruptcy, have stated in their filings that they are affiliated companies. They anticipate that after covering administrative costs related to the bankruptcy proceedings, no funds will be left for creditors who are not secured by collateral.
Seaborne has indicated between 100 to 199 estimated creditors, and between $1,000,001 to $10 million estimated assets as well as liabilities whereas Silver has indicated between 1,000 to 5,000 estimated creditors, and between $100,000,001 to $500 million estimated assets as well as liabilities, according the official form 201 filed by Silver Airways LLC before the United States Bankruptcy Court for the Southern District of Florida.
They are both being represented in the Chapter 11 case by the Atlanta-based law firm Smith, Gambrell & Russell LLP.
Brian P. Hall was representing the airline from Smith, Gambrell & Russell LLP.
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