Seaborne Restructure

Seaborne Airlines Signs Agreement To Be Acquired by Silver Airways

New Financing and Restructuring Process Ensures All Flight Schedules Remain Unchanged


SAN JUAN, Puerto Rico, January 8, 2018, – Sea Star Holdings Inc., parent company for Seaborne Puerto Rico LLC, Seaborne Virgin Islands, Inc. and affiliates (“Seaborne” or “the Company”), announced the company has commenced a voluntary reorganization proceeding under Title 11 of the US Code in order to implement new financing and a sale to affiliates of Silver Airways, LLC.


The Company will continue its business without interruption, including all existing flight operations in Puerto Rico, the U.S. Virgin Islands, and throughout the Caribbean. Tickets held by customers will continue to be valid and Seaborne will be taking bookings for future travel, as normal.


Seaborne also announced that it has secured a new $4.2 million credit facility and concurrently entered into a Purchase Agreement (subject to court approval and potential overbids) to sell substantially all of its business and assets to Silver Airways. This will facilitate a combination between Seaborne and Silver Airways, creating the industry’s leading regional carrier in the Caribbean, Florida, and the Bahamas.


“While the Company’s business has enjoyed a remarkable recovery since the 2017 hurricanes, the financial stress caused during the recovery period coupled with legacy liabilities have made it necessary to seek reorganization protection,” said Ben Munson, Acting CEO of Seaborne Airlines. “Our day to day operations will continue as normal, and this process will be in the best interests of all of our customers and stakeholders.”


Passenger service and safety will continue to be top priorities for the company. Seaborne will operate normal flight schedules and conduct business as usual, honoring all ticketed reservations and rules of the company’s Contract of Carriage. The company will also maintain our codeshare partnerships that facilitate easy connections to partner airlines and our Seamiles program will remain active.


About Seaborne

Seaborne Airlines, the largest Caribbean based regional airline for 25 years, operates iconic seaplanes and an airport based fleet that service the beautiful islands throughout the Caribbean, carrying approximately 3 million customers safely. With over 1,500 monthly departures to 12 airports, Seaborne serves San Juan’s Luis Muñoz Marin International Airport, St. Thomas airport, and Seaplane base, St. Croix airport and Seaplane Base, Anguilla, Antigua, Dominica, Saint Maarten, St. Kitts, Tortola, and Nevis. All Flights operate with two pilots and two engines.

Seaborne Airlines Corporate Communications  


About Silver Airways

Silver Airways is proud to be Florida’s First Airline. As the first commercial carrier founded in Florida and operating today, Silver has the most routes within Florida and between Florida and the Bahamas with an average of 125 daily flights to 17 destinations from its hubs in Fort Lauderdale, Orlando, and Tampa. Silver is a codeshare partner with United, JetBlue, and Avianca, and has interline agreements with American, Delta, Air Canada, Alaska Airlines, Bahamasair, Azul, Hahn Air, and All Nippon Airways. Silver operates a fleet of 21 highly-reliable Saab 340 aircraft, and starting in 2018, Silver is renewing and expanding its fleet with new fuel-efficient French ATRs. Silver is honored to be the North American launch customer for the all-new, redesigned ATR-600, offering best-in-class quiet cabins, premium leather seats with spacious legroom, full-size overhead bins and lavatory, and faster flight times with significantly more range. To learn more about the refined passenger experience coming soon to Silver, visit


Questions You May Have 

How will flights be impacted? 

Seaborne Airlines flights will not be impacted by the bankruptcy filing. Seaborne will continue to operate our schedule in the normal course of business.


I have a ticket on Seaborne, how will this impact me?

This will have no impact on our customers holding reservations today or making bookings in the future. Seaborne will be operating a consistent schedule and working towards a quick resolution of the bankruptcy case subject to court approval.


I’m part of the Corporate Program, do I need to be concerned?

No. We very much value our corporate customers throughout the Caribbean and will not be making material changes to this program as a function of the bankruptcy filing.


What about my Seamiles?

Seaborne will continue to honor the Seamiles program, both on an accrual and redemption basis.


Does Chapter 11 mean a company is going out of business?

No. Chapter 11 is being used to implement new financing and a sale to Florida-based Silver Airways and provides company leadership and stakeholders an opportunity to restructure under court supervision. As part of this process, Seaborne has secured both financing and a purchase agreement (both subject to court approval) which we expect will facilitate an exit from bankruptcy as a stronger airline with an expanded network.


When will the Chapter 11 process be concluded?

While this is ultimately subject to court approval, Seaborne company leadership, counsel, and the board have worked to make for an expeditious process which we hope to complete in the next 60-90 days.


What about the employees?

There will be no interruption to employee benefits or wages. Ultimately, this process is designed to better position Seaborne for a more healthy and strong future, which will, in turn, boost employment in the Caribbean.


Where can I learn more?

Feel free to reach out to Seaborne directly, we are happy to field any questions. The best number to reach us is at 787-946-9003 or via email at