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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.
