A South Florida airline was up for sale at a recent bankruptcy auction, but no one showed up to buy.
Hollywood-based Silver Airways filed for bankruptcy back in December with more than $100 million dollars in debt.
A U.S. bankruptcy judge ordered an auction of the company last week. Silver Airways had been operating because of a $5.7 million dollar loan from Wexford Capital. That figure was the “stalking-horse” offer at the auction — the price to beat if another company was going to acquire the airline.
Since no one made a better offer, Wexford Capital will take control of the airline that serves five Florida cities and numerous Caribbean destinations.
The financial picture has worsened for the regional airline. A mechanical issue caused Silver to miss out on Memorial Day weekend revenue — further cash strapping the airline.
Silver Airways has continued to operate during its bankruptcy process, though it has reduced its fleet by half in recent months.
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