SeaStar Holdings, Inc., along with two of its subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10039). SeaStar operates a passenger airline based in San Juan, Puerto Rico under the name Seaborne Airlines. SeaStar’s Petition reports $1 – $10 million in assets and $10 – $50 million in liabilities. According to the First Day Declaration, SeaStar has secured $10.19 million in debtor-in-possession funding from Volant SVI Funding, LLC and intends to pursue a sale under Section 363 of the Bankruptcy Code, with SB Acquisition 2017, Inc. serving as the stalking horse. Rust/Omni is the proposed claims and noticing agent. The cases have been assigned to the Honorable Laurie Selber Silverstein.
Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.