- Upgrades Fleet with Agreement for Up to 50 ATR-600 Series Aircraft Valued at Up to $1.1 Billion
- Appoints Veteran Aviation Executive Steven A. Rossum as CEO and Promotes Jason Bewley to President
- Explores Expanding Caribbean Operations via Seaborne Airlines
Upgraded Fleet
Silver announced a historic agreement by signing a letter of intent to renew and expand its fleet with up to 50 new ATR-
600 series aircraft. This is a significant strategic accomplishment for the airline and a transaction valued at up to $1.1
billion. The initial order is for 20 ATR-42-600 aircraft and the agreement also provides Silver the ability to upgrade to the
larger series ATR-72-600s. With this deal, Silver becomes the first fully independent U.S. regional airline in more than 20
years to sign a new aircraft deal of this magnitude. The firm 20 aircraft will be lease financed by Silver.
Silver will take delivery of up to four ATRs this year starting in the fourth quarter following receipt of regulatory approvals.
Remaining deliveries of the first 20 aircraft are expected to be completed by the first quarter of 2020. Crew training will be
conducted by ATR at its new training facility in Miami, which is home to a new multi-million-dollar investment of a Full
Flight Simulator (FFS) for the ATR-600 series aircraft. The new aircraft will replace Silver’s existing fleet of 21 Saab 340B
Plus turboprop aircraft over time. More information about the ATR-600 series aircraft, including photos, can be found on
ATR’s website at www.atr-aircraft.com.
New Leadership
Concurrent with the announcement of its upgraded fleet, Silver also has named Steven A. Rossum as its new Chief
Executive Officer, effective August 7, 2017. Mr. Rossum replaces Sami Teittinen, who has decided to leave Silver for
personal reasons. In addition, Jason Bewley, presently Executive Vice President of Commercial and CFO, has been
promoted to President and Chief Financial Officer of Silver in recognition of his valuable contribution to bringing the
company to this stage of development.
Potential Expansion into the Caribbean
Finally, Silver announced today that it has entered into negotiations with Seaborne Airlines (“Seaborne”) to explore
commercial cooperation including potentially a combination in support of its long-term goal to become a major U.S. airline.
Seaborne is a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin
Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier’s
hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier’s seaplane
operation. Versa Capital is the largest creditor of Seaborne as well as its majority owner.