The sale of Virgin Islands-born Seaborne Airline was made official Friday and its new principal owner will serve as seaplane services’ new president and CEO, company officials said.
Darrell Richardson, backed by the New Jersey-based Leonite Fund, purchased the airline out of bankruptcy after its former owner — and sister airline — Silver Airways filed for Chapter 11 protection in December 2024, according to a statement from the company.
Richardson, who said he has more than 40 years “leading, restructuring, and growing regional carriers,” has worked with Silver Airways, Mesaba Airlines, Continental Express, Pace Airlines, and Air Turks & Caicos.
“That experience has taught me that three elements determine an airline’s long-term success: rock-solid safety, reliable service, and genuine partnership with employees and the communities we serve. I am honored to take charge of this airline with the confidence and support of the new ownership group due to my deep experience in precisely the types of situations that Seaborne finds itself in now,” he said. “Our successful closing of the Seaborne acquisition provides the stable ownership platform we need to move forward with confidence.”
Richardson called the purchase a “fresh chapter for Seaborne and for the communities we serve across the U.S. Virgin Islands and the broader Caribbean.”
In early 2023, Silver Airways faced potential eviction from Fort Lauderdale-Hollywood International Airport due to unpaid fees totaling nearly $1 million. The Broward County Commission had issued notices of default, citing delinquent payments dating back to 2021.
In 2019, Silver Airways had Seaborne on the hook for roughly $1 million in delinquent airport fees. Seaborne had announced in January 2018 that it was restructuring after filing for bankruptcy. The airline was sold to Silver Airways later that year.
Richardson said the company’s immediate commitments were:
• Seamless continuity of operations, with all scheduled seaplane flights continuing without
interruption. Existing tickets and reservations remain valid, he said.
• Full protection of employees. “Post-bankruptcy wages, taxes, and other obligations to
Seaborne’s 50-plus team members are covered under the purchase agreement, eliminating uncertainty for our front line colleagues.”
• Smooth transfer with regulatory and stakeholder engagement. “We are already coordinating with the U.S. Department of Transportation, the V.I. Port Authority, and local tourism partners to ensure a smooth handover and to position Seaborne for measured growth.”
So-called “near-term priorities” included:
• Operational reliability. “A review of maintenance programs and spare-parts provisioning to drive on-time performance above 90 percent heading into the winter peak.”
• Fleet and network optimization. “Evaluating additional Twin Otters and other aircraft with the capability to restore service to Vieques and expand interisland frequencies.”
• Customer experience refresh. “Upgraded digital booking tools and a renewed focus on warm Virgin Islands hospitality, beginning with frontline‐staff retraining this quarter.”
In the written statement, Avi Geller, Leonite’s chief investment officer, said Richardson had promised “tighter operations, a reinvigorated team culture, and sustainable profitability, all grounded in uncompromising safety and reliability. His leadership earns the trust of employees, respect of partners, and support of the communities he serves. We look forward to working side-by-side to build a stronger Seaborne.”
Richardson said Seaborne, which was founded on St. Croix in 1992, was “a connective tissue” for the Virgin Islands’ people and economy.
“With our group’s financial backing and my leadership team’s operational expertise, we intend to preserve the iconic seaplane service, diversify revenue through charter and cargo offerings, and pursue partnerships that make the Caribbean more accessible to residents, tourists, and business travelers alike. I encourage anyone with concerns or ideas on how we can improve, to reach out to me directly at darrell.Richardson@seaborneairlines.com. I wish to thank the bankruptcy court for approving the transaction, the outgoing management for their cooperation, and, most importantly, every Seaborne employee who has kept our aircraft flying during a challenging period. Together we will build a stronger, safer, and more resilient airline that the Caribbean can continue to be proud of.”
