In a key development for U.S. regional aviation, Argentum Acquisition Co., backed by Wexford Capital, has acquired nearly all assets of Silver Airways. This followed the latter’s Chapter 11 bankruptcy filing on December 30, 2024.
The deal, approved by the U.S. Bankruptcy Court for the Southern District of Florida on June 19, 2025, marks a new chapter for the Florida-based carrier, which ceased operations on June 11, 2025.
Silver Airways formally transitioned from Chapter 11 bankruptcy to Chapter 7 liquidation late last month.
Relaunch as Argentum Airways
Argentum Airways, the new trade name, now aims to relaunch flight services. It will reportedly focus on routes between Florida and the Bahamas, with potential expansion into Alaska.
This acquisition highlights the resilience of regional airlines amid economic challenges and signals a strategic revival of Silver’s legacy.
Silver Airways, once a key player in regional air travel, operated a fleet of eight ATR turboprop aircraft. This included three ATR42-600s and five ATR72-600s.
The airline served critical routes connecting Florida to the Bahamas and other destinations. However, financial struggles culminated in its bankruptcy. This led to the asset sale to Argentum for a stalking horse bid of $5.775 million.
The acquisition encompassed Silver’s Department of Transportation (DOT) and FAA certificates, aircraft, ground support infrastructure, airport gate leases, maintenance facilities, and intellectual property.
No higher bids emerged at auction, securing Argentum’s position to take over.
Relaunch Strategy
Argentum Airways is under the leadership of CEO Wayne Heller. Heller is a former Republic Airways executive and current head of Wexford’s Sterling Airways.
It is now seeking DOT approval to transfer Silver’s operating certificates. The company plans to resume scheduled air transportation with a lean approach, starting with one ATR-42 aircraft and scaling to two by the end of 2025.
A recent filing on August 6, 2025, revealed Argentum’s intent to register the “Silver Airways” trade name for potential use in Alaska, alongside “Argentum Airways” and “Aleutian Airways.”
This suggests a dual focus on reviving Florida-Bahamas routes and exploring intra-Alaska operations.
The relaunch strategy prioritizes restoring connectivity in underserved markets. Argentum projects over 1,000 quarterly departures by its fourth quarter of operations, with first-year costs exceeding $14 million and nearly $4.5 million in cash reserves.
The company aims to preserve jobs and rebuild trust among passengers impacted by Silver’s abrupt closure. However, the fate of Silver’s full fleet remains uncertain, with speculation that some aircraft may be leased to operators like JSX.
Conclusion
This acquisition reflects broader trends in the U.S. regional aviation sector, where carriers face intense competition and financial pressures.
Argentum’s move to acquire Silver’s assets positions it to capitalize on demand for leisure and business travel in the Caribbean and potentially Alaska.
By leveraging Silver’s established infrastructure and brand equity, Argentum Airways aims to create a sustainable model for regional connectivity.
As Argentum awaits regulatory approval, the aviation industry watches closely. The relaunch could restore vital air links, boost local economies, and offer a lifeline to former Silver Airways employees.
With a clear vision and strategic backing, Argentum Airways appears set to breathe new life into a once-struggling carrier.
