Seaborne Airlines announced (08-Jan-2018) a voluntary reorganisation proceeding to implement new financing and a sale to affiliates of Silver Airways. The carrier will continue to operate without interruptions. Seaborne secured a new USD4.2 million credit facility and concurrently entered a purchase agreement to sell substantially all of its business and assets to Silver Airways. This will facilitate a combination between Seaborne and Silver Airways, focusing on operating in the Caribbean, Florida and the Bahamas. Seaborne Airlines acting CEO Ben Munson stated: "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". [more - original PR]
Seaborne Airlines signs agreement for acquisition by Silver Airways
9 January, 2018