Case Summary: Silver Airways Corp.

Silver Airways Corp.

Revolver and Term Loan

Overview

Silver Airways Corp. is a regional airline carrier based in Fort Lauderdale, FL operating more than 200 daily scheduled flights to over 45 destinations between Florida, the Bahamas and various states.  The Company operates under a principal code share and alliance agreement with United Airlines as well as interline agreements with American Airlines, Delta AirLines, JetBlue and US Airways.

Challenge

The Company was created following the acquistion and restructuring of its predecessor, now defunct, entity in 2011 by Victory Park Capital.  Their efforts and investment stabilized the business and repositioned the business with a direct to consumer brand (Silver Air) and focus on traditional passenger revenue.

Victory sought a new facility to provide a partial repayment of their investment as well as for growth capital for additional aircraft.

Solution

Crystal acted as Co-Agent in the transaction providing a revolver and term loan secured by all of the Company's assets including receivables, parts inventory and aircraft.