Weeks after Florida-based regional carrier Silver Airways ceased operations across its network in the Southeast USA and the Caribbean, an effort is underway to resume scheduled passenger service under the new Argentum Airways brand.
Details of Argentum’s plan to restart operations are detailed in a 30 June filing with the US Department of Transportation (DOT), which requests the transfer of Silver’s Federal Aviation Administration certificates and exemptions, and provides a “notice of intent to resume scheduled air transportation”.
The requested transfer of Silver’s operational authorities is part of Silver’s sale of its business and assets to Argentum, which was approved last month by US Bankruptcy Court for the Southern District of Florida.
Connecticut-based Argentum – the Latin word for Silver – requests from the DOT an expedited approval process to quickly restart operations and “preserve jobs using the assets it acquired from Silver”.
Argentum says it has not finalised its operational plan, including which regions of the USA it will target with regional air service. It is considering routes previously operated by Silver, such as between Florida and the Bahamas.
The fledgling airline is also exploring potential operations in Alaska, according to the DOT filing.
It will “likely” operate one ATR turboprop, with plans to add a second aircraft in the ”fourth quarter of its first full year of operations”.
Fort Lauderdale-based Silver filed for financial restructuring through bankruptcy on 30 December, with the court supervising an auction of most of the airline’s assets. The DOT filing explains that, following the auction, Argentum was established as a special purpose acquisition company by parent Wexford Capital.
Wexford also owns Sterling Airways, which operates in Alaska’s Aleutian Islands under the Aleutian Airways brand. Wayne Heller, a former Republic Airways executive, is listed as Argentum’s chief executive. Heller currently works as Sterling’s CEO.
Argentum says it had anticipated that Silver would “continue operations so that there would be a smooth transition”. But Silver ceased operations on 11 June – eight days prior to the court-approved sale date of its assets to Argentum.
“Silver’s sudden termination of service warrants Argentum’s request for authority to resume operations with the assets and business it acquired,” the company says.
Silver said, upon its operational shutdown, that the acquiring company “unfortunately has determined to not continue Silver’s flight operations in Florida, the Bahamas and the Caribbean”.
Silver holds certificates of public convenience and necessity to fly people and mail on interstate routes within the USA, as well as authorities for flights to the Bahamas, Turks & Caicos and other points in the Caribbean with ATR 72 turboprops.
What will become of Silver’s full fleet of ATR 42s and ATR 72s remains to be seen, though some have speculated that those turboprops could land with new ATR customer JSX, a charter carrier that operates primarily in the Southwest USA.
JSX is leasing a pair of ATR 42-600s in a 30-seat configuration that will enter service in late 2025, in addition to signing a letter of intent for 15 firm orders and 10 options for either ATR 42- or 72-600s.
