Seaborne Airlines Seeks Bankruptcy Court Approval for Urgent Auction to Preserve Operations

Seaborne Airlines is gearing up to take itself to auction, with a motion filed this week in bankruptcy court seeking approval to proceed.  “Without immediate authorization to proceed with a sale process for its assets, Seaborne Virgin Islands, Inc. will be irreparably harmed,” the motion claims, asking for a June 24 hearing to consider the request.  Seaborne is attempting to secure a “going concern” sale, which will ensure that the airline continues to operate. Sister airline Silver Airways tried to do the same, but failed after running out of operating cash. A quick auction – by July 1 – and subsequent sale, says Seaborne, will save it from a similar fate.  There is a stalking horse purchaser already in place, disclosed Seaborne. STK I US LLC has offered $200,000 in cash, and has also agreed to assume the approximately $625,000 in debt the airline has racked up since declaring bankruptcy at the end of 2024. Any other interested bidders must, at the very least, match that offer and ...