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Argentum seeks approval for acquisition of Silver Airways' certificates

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Argentum seeks approval for acquisition of Silver Airways' certificates
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Silver Airways | Wikipedia

Silver Airways, a regional carrier based in Florida, may soon return to the skies under new ownership and a different name. Argentum Acquisition Co., backed by private equity, has applied to the U.S. Department of Transportation (DOT) for approval to take over Silver's operating certificates and authorities.

Argentum acquired Silver Airways' assets through bankruptcy court proceedings in June after the airline filed for Chapter 11 bankruptcy protection in December of last year. The company plans to resume scheduled service as Argentum Airways and has informed regulators of its intent to operate using Silver’s former approvals.

On June 19, the U.S. Bankruptcy Court approved the asset transfer, allowing Argentum to acquire Silver Airways’ Federal Aviation Administration (FAA) and DOT certifications along with its physical assets. "The $5.7 million transaction included a credit bid based on prior financing extended during bankruptcy protection," which gave Argentum control over Silver’s regulatory authorities.

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Silver Airways ceased operations on June 11, "eight days prior to the approval by the Bankruptcy Court of the sale of the assets to Argentum," according to Argentum's filing. The airline had been struggling financially before filing for bankruptcy, burdened with debt between $100 million and $500 million.

During the bankruptcy process, Argentum provided a $5.7 million loan that allowed limited operations to continue while serving as a stalking horse bid for an auction that eventually failed to attract external interest. By March 2025, financial troubles led Silver Airways to close its Orlando International Airport hub.

Argentum was created specifically for acquiring and reviving Silver’s business post-bankruptcy. It is now awaiting regulatory clearance from DOT to transfer operating authorities from Silver Airways. If approved, Argentum plans initial services with one ATR aircraft before expanding operations by year-end.

"While the timeline depends on DOT action," says Argentum, it is prepared for swift resumption of operations once approvals are secured. Initial routes will likely include former markets in Florida and the Bahamas and potential regional flights in Alaska.

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