Regional carrier Silver Airways says it's shutting down operations
Regional carrier Silver Airways announced Wednesday it is shutting down operations after a failed attempt at restructuring through bankruptcy, leaving some passengers stranded at airports in Florida, the Bahamas and the Caribbean.
'Please do not go to the airport,' the Hollywood, Florida-based company posted on its website.
The statement said Silver had sold its assets through the Chapter 11 bankruptcy proceeding to a holding company that 'unfortunately has determined to not continue Silver's flight operations" that served five Florida cities and 11 island destinations.
Passengers can seek refunds through their credit card issuer or travel agency, the Silver statement said.
Silver's fleet had been reduced to just eight ATR turboprop planes and its workforce cut from 608 to 348 pilots, flight attendants and ground workers, according to the company. An email to employees from Silver's CEO said most of those jobs will be eliminated.
Silver Airways began operations in 2011 and once served 28 destinations. A subsidiary based in Puerto Rico, Seaborne Airlines, will continue to operate in the Caribbean.
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ORLANDO, Florida, June 12 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. The dollar's slide accelerated on Thursday, as more evidence of cooling U.S. price pressures weighed on Treasury yields and dragged the greenback to lows against a basket of major currencies not seen in more than three years. In my column today I look ahead to next week's Fed meeting. With inflation cooling but tariffs yet to kick in, is Fed policy still in a "good place" as Chair Jerome Powell repeatedly said last month? More on that below, but first, a roundup of the main market moves. 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At the Federal Open Market Committee meeting next week, investors will scrutinize all communications for any sign that the recent softening in U.S. inflation could be enough to nudge policymakers closer to cutting interest rates. Current economic data might be leaning in that direction, but policy out of Washington could well keep Chair Jerome Powell and colleagues in 'wait and see' mode. No one expects the Fed to cut rates next week, but businesses, households and investors should get a better sense of policymakers' future plans from the revised quarterly Staff Economic Projections and Powell's press conference. Powell was very clear in his post-meeting press conference last month that the Fed is prepared to take its time assessing the incoming economic data, particularly the impact of tariffs, before deciding on its next step. 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FOMC members in December last changed their median forecasts for the central bank's policy rate, hiking it this year and next year by a hefty 50 basis points to 3.9% and 3.4%, respectively. They left projections unchanged in March amid the tariff fog. That implies 50 basis points of rate cuts this year and another 50 bps next year, which is pretty much in line with rates futures markets right now. So perhaps Fed policy is still in a "good place", but with economic expectations changing quickly, it's unclear how long that will be the case. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
