Popular holiday airline enters liquidation, no refunds for travelers

On the second-to-excellent day of 2024, funds vacation airline Silver Airways announced that it would see financial extinguish safety within the Southern District of Florida.

While within the muse reassuring travelers that it'd be in a come by of living to fast emerge from financial extinguish and carry on operations as current, the next months introduced with them a beleaguered see for investors and gradual eviction from various airports.

In the beginning of January, Silver lost the factual to fly into the British territory of Anguilla and a month later needed to pull flights out of a key hub in Orlando International Airport (MCO) — in each and each cases, over unpaid debts and airport charges.

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Silver shut down excellent month, telling travelers to 'not trip to the airport'

Connecticut hedge fund Argentum Acquisition at excellent made a stalking-horse provide however the $5.77 million licensed by Deem Peter D. Russin due to an absence of assorted provides used to be barely sufficient to provide a debt within the more than $500 million owed to creditors.

With the sale licensed and Argentum ordering a straight away shutdown of operations, Silver come by out a June 11 Instagram put up telling travelers with booked tickets to "not trip to the airport."

Linked: Apprehensive airline will get no bids at financial extinguish auction

"In an strive to restructure in financial extinguish, Silver entered precise into a transaction to sell its property to one other airline maintaining company who sadly has determined to not proceed Silver's flight operations in Florida, the Bahamas, and the Caribbean," the airline said in its excellent public assertion.

While Argentum had sought Division of Transportation permission to switch all of Silver's aviation licenses and relaunch as a brand new airline called “Argentum Airways", this would must be done with a brand new mercurial. On July 28, the financial extinguish court docket officially transitioned Silver from Chapter 11 to Chapter 7 liquidation to recoup losses to investors.

The airline launched out of Castle Lauderdale in 1988 had a mercurial of eight ATR turboprop planes that it veteran on quick flights to destinations similar to Orlando and Tampa in Florida and Nassau, St. Kitts, and San Juan within the Caribbean.

'The contemplated asset sale values total at most current lower than $10 million'

"It's miles not lost on the court docket that the debtors borrowed collectively several hundred million bucks, yet the contemplated asset sale values total at most current lower than $10 million," Deem Peter D. Russin wrote in his expose to authorize the sale to Argentum support in June.

After submitting for financial extinguish and seeking out new investors, Silver's losses continued to accrue. It reported losses $500,000 in February 2025 and $2.5 million in March 2025 while owing a respective $84,000 and $385,000 to airports in Tallahassee and Tampa  as effectively as $8 million to taxing authorities.

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When it ceased operations, Silver advised passengers with booked accelerate to see refunds from their bank card firms as they would not be in a come by of living to invent them.

Considered as unsecured creditors in a financial extinguish proceeding, individual travelers in overall discontinue not like losses great sufficient to be price even a class-action lawsuit and are so at the very discontinue of the compensation checklist for a court docket. Several of the airports owed funds by Silver had already tried suing the airline with out result.

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