Silver Airways Files Chapter 11 Protection In US Bankruptcy Court
Silver Airways Files Chapter 11 Protection In US Bankruptcy Court
The airline and its affiliated company Seaborne Virgin Islands are being represented by Smith, Gambrell & Russell
Silver Airways has voluntarily filed for Chapter 11 protection in the United States Bankruptcy Court for the Southern District of Florida.
The Florida based air carrier stated, "The decision will allow us to secure additional capital and undertake a financial restructuring that will strengthen our position as a competitive airline, ultimately benefiting our valued customers.”
The airline has confirmed that no bankruptcy cases were filed by or against the debtor within the last eight years.
Silver Airways and Seaborne Virgin Islands, facing bankruptcy, have stated in their filings that they are affiliated companies. They anticipate that after covering administrative costs related to the proceedings, no funds would be left for creditors who are not secured by collateral.
Seaborne indicated 100-199 creditors and $1,000,001-$10 million assets and liabilities, whereas Silver implied 1,000-5,000 creditors and $100,000,001-$500 million assets and liabilities.
Brian P. Hall of the Atlanta-based law firm Smith, Gambrell & Russell’s is representing Silver Airways and Seaborne Virgin Islands.
