Wexford Affiliate Eyes Launch Of ‘Argentum Airways’ With Silver Assets

Having acquired the assets of Fort Lauderdale-based Silver Airways, Argentum Acquisition Co. is seeking to transfer all relevant certificates and authorities and launch service as “Argentum Airways.”

The Wexford Capital affiliate has provided notice of its intent to resume scheduled air services in a filing with the U.S. Transportation Department (DOT), also requesting registration of the new trade name—argentum is the Latin word for “silver.” A transfer of Silver’s authorities “is a critical component of the sale of Silver’s business and assets to Argentum,” it writes in the filing, stating that prompt approval will allow it to preserve jobs using the assets it acquired from the defunct carrier.

Industry veteran Wayne Heller will serve as CEO and president of the new entity. Heller is currently CEO of Sterling Airways, a Wexford portfolio company, and was previously COO at Republic Airways Holdings. Heller is also a SVP at Wexford.

Though it has yet to finalize its operational plans, Argentum said it will likely operate one ATR initially, growing to two aircraft in the fourth quarter of its first full year of operation. Prior to shuttering service on June 11, Silver had three ATR 42-600s and four 72-600s in service with eight aircraft inactive, according to the Aviation Week Network Fleet Discovery database. The airline operated routes in Florida, the Bahamas and the Caribbean.

Argentum is considering certain routes previously operated by Silver, such as between Florida and the Bahamas. It may also launch scheduled service within Alaska using ATRs, which it notes would supplement Sterling’s existing inter-Alaska routes, operated as Aleutian Airways.

Wexford, a private equity firm, has committed to provide financial support for Argentum Airways, the company states in its filing with DOT.

Silver was founded in May 2011 with assets from bankrupt Gulfstream International Airlines, and in 2016 it was acquired by an affiliate of private equity firm Versa Capital Management, LLC. Silver and subsidiary Seaborne voluntarily petitioned for Chapter 11 on Dec. 30, 2024.