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Silver Airways Earns Financial “Vote of Confidence”

by Silver | Feb 06, 2014
Fort Lauderdale, Fla. (Feb. 6, 2014) – Silver Airways today confirmed that it has secured up to $73 million in additional financing from GB Credit Partners, LLC, the investment management affiliate of Gordon Brothers Group and Crystal Financial LLC.  Victory Park Capital (VPC), the Chicago-based investment firm that owns Silver Airways, will maintain full ownership and control of the Company and its board of directors.

“This recapitalization and additional financing from GB Credit Partners and Crystal Financial are tremendous validations of our business model, our operating platform, and our strong value proposition to redefine and represent the best of a new, next generation regional airline,” said Silver Airways President and CEO Dave Pflieger.  
“Attracting this additional financing is a testament to the vision and leadership of our owners, Victory Park Capital, our board of directors, and the talent and dedication of the men and women of Silver, including our new leadership team,” the airline’s chief executive added.
“This is very positive news for our Company, our business partners – like Saab AB, GE Engine Services, LLC and Sabre – our loyal guests, and our dedicated team members.  A stronger balance sheet means that we will be able to move forward with our exciting plans to finish creating a strong business and operational platform, to acquire more aircraft and grow in strategically competitive markets, to create more jobs, and to better serve our guests.  That’s great news for our team members and the many communities that we are privileged to serve,” said Pflieger.
The airline’s chief executive noted that the new capital will be used to lower current financing costs by providing partial repayments of VPC investments and, most significantly, to fund further growth of the airline.  “By reducing the cost of our current debt, creating additional funds for seasonal capital needs, and providing up to $25 million in dedicated, additional capital for growth, we will be well positioned to build on our great progress to date and to begin executing our new five-year business strategy,” said Pflieger.   
The Fort Lauderdale-based airline was awarded top honors by the industry in early 2013 when it was named the “2013 Regional Airline of the Year” by Air Transport World and later in the year was named one of the Top 10 “Best U.S. Airlines” by Condé Nast Traveler’s readers in its 26th annual 2013 Readers’ Choice Awards.  
“I’d like to once again thank our owners at Victory Park Capital, our board of directors, and the great team at Silver for their respective leadership, support, and hard work this past year.  It was a year of achieving important milestones for Silver,” noted Pflieger.  “In addition to being recognized with top honors by our industry and our guests, we grew our existing fleet of Saab 340B Plus aircraft by almost 30 percent, flawlessly cutover to our own independent Sabre customer reservation system and Internet booking engine, strengthened our network, launched new routes, affirmed our partnership and new codeshare relationship with United Airlines and its award-winning MileagePlus loyalty program, introduced our guests to a first-ever ‘Silver Airways’ sales and marketing campaign, and added to our existing interline agreements with American Airlines and Delta Air Lines by entering into a new interline agreement with JetBlue.”
“With this financing and the hard-working Silver Airways team of professionals committed to the long-term success of this airline, I am confident we are poised to soar to even greater heights,” Pflieger added. 
To book online, check flight status or to sign up for the latest Silver Airways travel deals and email offers, visit Reservations can also be made by calling Silver toll-free at 800-881-4999.
About Silver Airways
Silver Airways Corp. (IATA: 3M) is a U.S. owned and operated airline operating approximately 170 daily scheduled flights to/from 38 destinations in Florida, the Bahamas, Georgia, Alabama, Mississippi, Virginia, West Virginia, Pennsylvania, New York and Ohio.  The airline, which offers more flights within Florida to the Bahamas than any other U.S. airline, has valued partnership and codeshare agreements with United Airlines and interline agreements with American Airlines, Delta Air Lines, JetBlue and US Airways.
Silver is a 2013 two-time award winner, having been recognized by its industry and the traveling public.  In February 2013, it was named the recipient of Air Transport World’s (ATW) 2013 Regional Airline of the Year Award, the first U.S. airline to win regional aviation’s top honor since 2008. This award recognized Silver’s outstanding achievements, as well as the company’s contributions toward elevating the entire regional aviation industry overall.  In October 2013, Silver was named one of the Top 10 “Best U.S. Airlines” in the prestigious Condé Nast Traveler’s 26th annual 2013 Readers’ Choice Awards.
The Silver fleet is comprised of Saab 340B Plus aircraft (with a capacity of 34 passengers in a spacious, noise reduction equipped cabin), each powered by highly reliable, fuel-efficient GE jet-turbine propeller engines. The airline also operates Beechcraft 1900D aircraft (maximum seating capacity of 19 passengers) in the airline’s Cleveland network.
The company is privately owned by Victory Park Capital, a Chicago-based investment firm that launched the airline in May 2011.
Visit Silver Airways at
About Victory Park Capital
Victory Park Capital is an alternative investment firm that provides private debt and equity financing solutions to U.S-based middle market and lower middle market companies across a diversified range of industries. The firm focuses on stable and improving companies, and seeks to build long-term sustainable value in its investments. VPC’s focus on certainty and speed to close provides the companies it seeks to invest in with a high level of security throughout the relationship. For further information, visit:
About GB Credit Partners
GB Credit Partners (, the investment management affiliate of Gordon Brothers Group (, originates, structures and invests in private market debt. Debt investments are made in the form of senior, unitranche, second lien or mezzanine loans ranging from $10 to $50 million to middle-market companies in need of capital to effect strategic change. Investments are made across 25 industries within five majors sectors: consumer, commercial & industrial, financial services, intellectual property and real estate.
About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured asset-based and cash flow loans (minimum of $10 million in fundings) to middle market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information, please visit