We may not have seen the end of Silver Airways yet | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

After being acquired by hedge fund firm Argentum Acquisition for a stalking horse offer of $5.77 million, beleaguered low-cost airline Silver Airways was forced to shut down operations immediately.

On June 11, Silver’s Instagram post told travelers with booked tickets to “not go to the airport” and instead seek a refund from their credit card company.

This marked the pitiful end of months of trying to emerge from bankruptcy, during which Silver was sued by several Florida airports over unpaid fees and lost the right to fly into the British Caribbean territory of Anguilla for similar reasons.

“In an attempt to restructure in bankruptcy, Silver entered into a transaction to sell its assets to another airline holding company who unfortunately has determined to not continue Silver’s flight operations in Florida, the Bahamas, and the Caribbean,” the airline said in its last public statement.

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Beleaguered Silver Airways’ story is not over yet.

Image source&colon; Shutterstock

Argentum is the Latin word for Silver (of bankrupt Silver Airways)

While the fatalistic statement sounded like the end, Argentum Acquisition’s June 30 filing with the Department of Transportation asks for the right to transfer all of Silver’s certificates and authorities and rebrand as “Argentum Airways.” Based in Connecticut, the hedge fund previously indicated an interest in taking on troubled airlines and was likely established for the purpose of relaunching Silver.

The publicly-available filing states that the ability to restart a new airline was “a critical component of the sale of Silver’s business and assets to Argentum,” while the word “argentum” is the Latin word for silver.

Wayne Heller of Sterling Airlines was named as the person slated to be the chief executive of the new airline, and revival plans indicate relaunching with only one of the six ATR twin-engine planes acquired in the sale.

‘I learned about the shutdown through a midnight email’: Silver employee

The U.S. Bankruptcy Court for the Southern District of Florida approved the sale of Silver to Argentum on June 19 — while an auction attempting to find a higher bidder was held at the start of the month, the airline’s heavy debt load scared off potential investors.

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“It is not lost on the court that the debtors borrowed collectively several hundred million dollars, yet the contemplated asset sale values total at present less than $10 million,” Judge Peter D. Russin wrote in his order to authorize the sale.

After Silver Airways abruptly ended operations, flight attendants and airport workers who were suddenly left without jobs began sending emotional letters for Russin to consider when working out the details of the transfer.

In the filing, Argentum said that approval of the license transfers and the airline’s revival would allow it to rehire some of the same employees and minimize the jobs that were lost with the end of Silver.

“We were not given any warning or official communication in advance,” Irving Peña, who was employed as a ramp agent for Silver Airways at Fort Lauderdale-Hollywood International Airport for nearly 10 years, wrote in a letter. “I learned about the shutdown through a midnight email.”