Seaborne Airlines (BB, San Juan Luis Muñoz Marin) has filed for US Chapter 11 bankruptcy protection in an effort to restructure its operations ahead of a proposed sale to Silver Airways (3M, Fort Lauderdale Int'l).

“While the Company’s business has enjoyed a remarkable recovery since the 2017 hurricanes, the financial stress caused during the recovery period coupled with legacy liabilities have made it necessary to seek reorganization protection,” Ben Munson, Acting CEO of Seaborne Airlines, said.

The Puerto Rican carrier said in a statement it had secured a new USD4.2 million credit facility and concurrently entered into a Purchase Agreement (subject to court approval and potential overbids) to sell a substantial part of all of its business and assets to Silver Airways. The ensuing combination of the two airlines will create a regional carrier with a significant presence in the Caribbean, Florida, and the Bahamas.

Seabourne Airlines said despite its filing, it will continue to conduct its business without interruption. According to the ch-aviation schedules module, it operates two DHC-6-300s and eight Saab 340Bs on scheduled passenger flights to Anguilla, Antigua & Barbuda, St. Kitts & Nevis, Dominica, St. Maarten, and the US Virgin Islands from bases at San Juan Luis Muñoz Marin, St. Croix SPB, and St. Croix Henry E. Rohlsen.