A motion filed Tuesday in U.S. Bankruptcy Court signals a major turning point for Seaborne Virgin Islands, with the airline securing a qualified “stalking horse” bidder who has committed to taking over operations and preserving its legacy in the region.
Unlike the controversial sale of sister company Silver Airways to Wexford Capital, the bidder for Seaborne — identified as STK I US LLC, affiliated with Nella Airlines — has agreed to assume post-petition liabilities and ordinary payroll obligations, ensuring business continuity for employees, vendors, and customers. According to bankruptcy filings, the bidder has already placed a 10% deposit and intends to close the sale immediately following court approval.
“This is a huge step forward,” said Philip Lambrechts, a restructuring adviser to the case. “We’re encouraged that Seaborne has attracted interest from investors who not only want to preserve service in the U.S. Virgin Islands but help it grow. That’s not something we saw with Silver.”
The emergency motion requests an expedited timeline, with a sale hearing set for July 1 at 2 p.m. in the Southern District of Florida. If approved, the deal would close within days, freeing Seaborne from its financial dependence on Silver Airways, which entered Chapter 11 along with Seaborne in December.
The motion outlines a competitive auction process that allows other potential bidders to step forward by June 30 at noon, but any new offers must beat the stalking horse bid by at least $100,000 and assume the same obligations, including employee payroll. A sale objection deadline is also set for June 30 at 4 p.m., with an auction (if necessary) scheduled for the morning of July 1.
Court documents show the bid includes a $200,000 purchase price and a commitment to cover Seaborne’s outstanding administrative liabilities — estimated at $625,000 — along with ensuring a smooth operational transition away from Silver’s infrastructure. Notably, the bidder has waived many of the typical closing conditions to allow for a faster restart under new ownership.
The motion also notes increased interest from other prospective bidders, suggesting that Seaborne’s value as a stand-alone regional carrier is gaining attention.
“If more investors step forward, it only strengthens the process,” Lambrechts said. “But either way, we expect to emerge from this sale with a new owner committed to revitalizing Seaborne’s role in the Caribbean.”
St. Croix Source
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