Travel

After Marketing to Over 75 Potential Buyers With No Success, Silver Airways Heads Toward $5.8M Sale That May Include Seaborne

After marketing itself to over 75 “potential acquirers and finance parties,” according to a declaration to the court filed earlier this week by Silver Airways CEO Steve Rossum, “no qualified bids were received by the bid deadline for Silver's assets and no auction was held.” According to the filing, despite the “eight or more” written expressions of interest for the struggling airline, none of them materialized into a bid that met the minimum requirements, said Rossum. It was hoped that a competitive bidding process could yield a sale that could satisfy a substantial chunk of the several hundred million dollars owed by Silver to its creditors. Without that prospect, however, the court must now consider whether to approve the sale of the airline's assets to Argentum LLC, which has offered a price of $5.775 million, consisting of a credit bid of the $5.5 million loan provided by a sister company, plus “the assumption of certain liabilities and payment of cure amounts under various exe...