Silver Airways gets an infusion of $73 million in additional financing, will increase pilot pay to address the pilot shortage

Silver Airways (Fort Lauderdale/Hollywood) 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 (Chicago), the investment firm that owns the airline, will maintain full ownership and control of the company.

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In other news, the regional airline and its pilots, represented by the Airline Professionals Association Teamsters Local 1224 and the International Brotherhood of Teamsters Airline Division (IBTAD), have announced they reached an agreement that will help address pilot shortages at the airline and provide Silver’s pilots with pay increases and quality of life improvements, according to a joint release from Silver Airways and Local 1224.

According to both parties, “the two groups have been working since August 2013 on a mid-term contract solution that will increase pilot pay and provide quality of life enhancements, while at the same time allowing the airline to better operate and continue to grow. Once ratified by the pilots, the letter of agreement will also assist the airline in attracting and retaining high quality pilots by immediately boosting pay, enhancing commuting and schedule flexibility, and allowing all pilots who remain with the Company for another year to earn a cash retention bonus.

The agreement was negotiated over the last several months, and it is being strongly endorsed by both the Silver Executive Council and the Teamster local. Final approval, however, is subject to ratification by Silver’s pilot membership.”

Copyright Photo: Brian McDonough/AirlinersGallery.com. SAAB 340B N415XJ (msn 415) taxies to the gate at the Washington Dulles International Airport hub.

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