Seaborne Airlines enters bankruptcy, to be bought by Silver Airways
Caribbean regional carrier Seaborne Airlines has entered voluntary bankruptcy proceedings which will ultimately see it being acquired by Fort Lauderdale based Silver Airways.
Seaborne will continue flying as normal to Puerto Rico, the U.S. Virgin Islands, and other Caribbean destinations.
Seaborne said it has secured a new $4.2 million credit facility and at the same time entered into a purchase agreement which will facilitate its sale to Silver Airways, subject to court approval.
Last year’s hurricanes has taken its toll on the airline’s operations, acting CEO Ben Munson said.
"While the company’s business has enjoyed a remarkable recovery since the 2017 hurricanes, the financial stress caused during the recovery period coupled with legacy liabilities have made it necessary to seek reorganization protection," Munson said.
"Our day-to-day operations will continue as normal, and this process will be in the best interests of all of our customers and stakeholders."
All booked tickets will be honored and current codeshare agreements with partner airlines will continue, Seaborne parent company Sea Star Holdings Inc. said.
A combined Seaborne and Silver Airways business will create a major regional carrier in the Florida-Caribbean and Bahamas market.
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