Efforts are underway to resume scheduled passenger services under the new Argentum Airways brand just weeks after the Florida-based regional airline Silver Airways shut down operations across its southeastern US and the Caribbean network.
Details of Argentum's plans to resume operations are detailed in a June 30th submission to the U.S. Department of Transport (DOT). This will require the transfer of Silver's Federal Aviation Administration certificate and exemption and provide a “notice of intent to resume scheduled air transport.”
The requested transfer by Silver's operational authorities was part of Silver's sale of its business and assets to Argentom, which was approved last month by the US Bankruptcy Court for the Southern District of Florida.
Connecticut-based Argentum requires a rapid approval process from DOT, quickly restarts the operation and “saves jobs using assets obtained from silver.”
Argentum says it has not completed its operational plans, including any U.S. areas covered by local aviation services. We are considering routes previously run by Silver, such as between Florida and the Bahamas.
According to DOT filing, the fledgling airline is also investigating potential operations in Alaska.
It is likely that one “possibly” ATR turboprop will operate and plans to add a second aircraft to the “fourth quarter of first year's operating.”
Fort Lauderdale-based Silver filed for fiscal restructuring through bankruptcy on December 30th, with the court overseeing auctions for most airline assets. DOT Filing explains that following the auction, Argentum was established by Parent Wexford Capital as a special purpose acquisition company.
Wexford also owns Sterling Airways, which operates under the Aleutian Airways brand in Alaska's Aleutian Islands. Wayne Heller, a former Republic Airlines executive, is listed as Argentum's CEO. Heller currently works as CEO of Sterling.
Argentum said that Silver had expected “to continue operations to ensure a smooth transition.” However, Silver ceased operations on June 11th, eight days before the court-approved sale date of the silver assets.
“Silver's sudden termination of service guarantees a requirement for authority to resume operations with the assets and businesses acquired by Argentum,” the company says.
Silver said in an operational shutdown that the acquisition company “unfortunately has decided not to continue its flight operations for Silver in Florida, the Bahamas and the Caribbean.”
Silver holds officials of flights to the Bahamas, Turk & Caicos and other points in the Caribbean with a certificate of public convenience and necessity to fly and mail people on interstate roads in the United States, as well as ATR-72 turboprops.
It remains to be seen what will happen with the silver ATR -42 and -72 full fleet, but we speculate that these turboprops will be able to land alongside new ATR customer JSX, a charter carrier operating primarily in the southwestern United States.
JSX does not respond to requests for comment on FlightGlobal.
