Private Equity Firm Moves to Revive Silver Airways

Argentum Acquisition Co. has filed a joint software with Silver Airways searching for approval from the Division of Transportation to switch Silver’s certificates, exemptions, and working authorities following the acquisition of the defunct airline’s property by way of chapter proceedings.

The applying, submitted on Monday, additionally consists of Argentum’s discover of intent to renew scheduled air transportation utilizing these authorities.

The requested switch follows Silver’s Chapter 11 filing on December 30, 2024, and the approval of Argentum’s asset buy bid by the U.S. Chapter Courtroom for the Southern District of Florida on June 19. Argentum, fashioned by Wexford Capital LP as a particular objective acquisition firm, acquired considerably all of Silver’s property, together with its DOT and FAA certificates. The transaction was accomplished on the identical day as court docket approval.

Silver Airways, which held certificates for interstate and international scheduled air transportation, ceased operations on June 11, “eight days previous to the approval by the Chapter Courtroom of the sale of the property to Argentum,” the agency mentioned in its submitting.

A Silver Airways ATR-42-600 on show on the Farnborough Airshow. (Picture: AirlineGeeks | Fabian Behr)

Argentum is searching for expedited DOT approval to switch these authorities, facilitating a speedy resumption of service and preserving jobs, it mentioned. In line with the submitting, Argentum plans to initially function with one ATR plane and enhance to 2 ATR plane later within the yr, with potential service on former Silver routes between Florida and the Bahamas, and inside Alaska.

The applying outlines Argentum’s U.S. citizenship, possession construction, and management, together with its deliberate administration group, a lot of whom beforehand labored for Silver.

As well as, Argentum requested a waiver of the usual 45-day discover interval for resumption of operations and requested the DOT for expedited assessment and approval.

Argentum was created particularly to amass and revive Silver’s enterprise and property following the service’s chapter.

Argentum is just not an airline by itself but — it’s a company automobile designed to amass Silver’s property, safe regulatory approvals, and resume operations beneath the “Argentum Airways” commerce title. The agency says it’s managed by people with airline business expertise, a lot of whom had been concerned in Silver or different Wexford-backed ventures, equivalent to Sterling Airways in Alaska.

Ryan based AirlineGeeks.com again in February 2013 and has amassed appreciable expertise within the aviation sector. His work has been featured in a number of publications and information retailers, together with CNN, WJLA, CNET, and Enterprise Insider. Throughout his time within the business, he is labored in roles pertaining to airport/airline operations whereas holding a B.S. in Air Transportation Administration from Arizona State College together with an MBA. Ryan has expertise in a number of aspects of the business from behind the yoke of a Cessna 172 to interviewing airline business executives. Ryan works for AirlineGeeks’ proprietor FLYING Media, spearheading protection within the business aviation area.

Newest posts by Ryan Ewing (see all)