Silver Airways, known for its pink turbo-prop planes and inter-Island flights, is set to emerge from bankruptcy with a favorable $5.775 million bid from KIA II LLC, an affiliate of Wexford Capital. This initial offer will serve as a baseline for other potential bidders before the May 23 deadline. Silver seeks to maximize asset value while maintaining relations with passengers, vendors, and employees. Despite previous financial struggles exacerbated by COVID-19, extensive marketing efforts attracted significant interest from potential buyers during the bankruptcy process.
Silver has determined that the most effective way to maximize the value of its estate for the benefit of its constituents was to seek bankruptcy protection and sell its business and assets through a Sale Transaction.
In order to yield top dollar for the Assets, maintain the support of Silver's passengers and vendors, and maintain Silver's employee base, it is in the best interest of Silver and its estate to move expeditiously with a sale process.
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