Seaborne Airlines: A New Chapter or Another Holding Pattern?
Seaborne Airlines, a key player in inter-island travel in the Virgin Islands, is under new ownership and leadership following a $1.425 million bankruptcy sale. The airline is now owned by the Leonite Fund, a New York-based private family office, and led by Darrell Richardson, a seasoned aviation executive known for restructuring Gulfstream into Silver Airways.
One of Seaborne’s most valuable assets is its FAR Part 121 certification, a commercial safety classification shared by major airlines like Delta and American. Richardson highlighted the rarity of this certification, noting, “We are the only seaplane operator in the world under 121. Two engines, two captains… We run it like a major airline.” This certification has helped keep Seaborne based in the Virgin Islands, despite interest from bidders looking to relocate operations.
Seaborne’s immediate plans include focusing on Twin Otter aircraft, which Richardson described as the most practical option for the airline’s needs. The company aims to restore its fleet to four seaplanes and expand to six destinations, with a particular focus on re-establishing flights to San Juan, where its Caribbean corporate office is based. “We don’t even fly to our own biggest base. Why not?” Richardson questioned.
Director of Operations Phil Lambrechts added, “We’re trying to get the airline back to what it was—four seaplanes, six destinations. We’re bringing in veterans who were here when it worked.” The airline is also prioritizing retraining and standardization for its staff, with no mass layoffs planned. Richardson noted, “There are 20-year employees in the building helping guide this recovery.”
Currently, the Leonite Fund supports Seaborne through a separate LLP with approximately $2 million in operating capital. Richardson is working on assembling a full operating and expansion budget, stating, “I’ll meet with them this weekend… Present what’s missing… and we’ll fund it.” He also revealed that the leadership team, including himself, has taken pay cuts to support the airline’s recovery, with pay raises contingent on the company’s growth.
Richardson’s commitment to rebuilding trust with the community is evident in his actions, such as giving up his seat on a seaplane to accommodate a paying customer. He acknowledged the challenges ahead, saying, “This isn’t a flip. This is a rebuild. But the only way it works is if we bring the trust back.”
While Seaborne Airlines is seeing sold-out flights again, many in the Virgin Islands remain cautious, given the airline’s history of uncertainty. Richardson, however, remains optimistic, stating, “The FAA calls me Mr. Fix-It… But this isn’t about one plane. We’ve got to grow.”
As Seaborne Airlines embarks on this new chapter, the question remains: Will this rebuild stick, or is it another holding pattern for the airline and the Virgin Islands community?
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