CHARLOTTE AMALIE — Silver Airways announced Monday its decision to file for Chapter 11 bankruptcy protection, a move aimed at securing additional capital and implementing financial restructuring.
The regional airline shared the news through an open letter to customers, emphasizing its commitment to maintaining normal operations.
“This decision will allow us to secure additional capital and undertake a financial restructuring that will strengthen our position as a competitive airline,” the letter stated.
Silver Airways assured customers that the bankruptcy filing would not disrupt operations. Passengers can continue to book flights and travel without concern, and all previously purchased tickets will remain valid.
Under Chapter 11 bankruptcy, a company proposes a reorganization plan designed to address its financial challenges. According to the United States Courts, creditors whose rights are affected by the plan may vote on it, and the court can approve the plan if it meets the necessary legal requirements and secures sufficient support.
Since it bought Seaborne Airlines in 2018, Silver Airways has been a crucial part of the U.S. Virgin Islands’ transportation network.
The airline operates daily seaplane flights between St. Thomas and St. Croix and provides connections between the USVI and Puerto Rico.
Their services offer passengers access to other Caribbean destinations and the U.S. mainland, making Silver Airways an essential link for both local residents and visitors.