The United States Bankruptcy Court Southern District of Florida has removed the senior management of Seaborne Airlines (BB, San Juan Luis Muñoz Marin) and appointed a trustee to oversee the sale of the company after growing frustrated with the C-level executives.

According to local media reports, Judge Peter Russin said during a hearing that he was not pleased with Seaborne representatives' failure to provide evidence demonstrating that the current stalking horse bidder for the company, STK I US LLC, part of NELLA Linhas Aéreas Group, was able to afford purchasing it.

Seaborne Airlines' chief executive officer was Steven Rossum, and Pedro Motta was the chief financial officer.

On June 25, 2025, Kenn Borek Air, the company leasing Seaborne’s only aircraft, a DHC-6-300, filed a motion objecting to the sale to STK I US LLC. The Canadian company underlined that it was not "generally" opposed to the sale, but had numerous concerns regarding the terms. In particular, it objected to the unilateral adjustment of the terms of the lease proposed by Seaborne, the incomplete definition of the aircraft lease agreement, and the bidder's ability to ensure future adherence to the terms of the lease.

"The Asset Purchase Agreement states that the buyer is assuming USD625,000 in liabilities, which constitutes the majority of the purchase price, but Seaborne has provided no information regarding the buyer’s ability to meet those liabilities or to perform under the [Twin Otter lease]. Indeed, a simple Google search indicates that Nella Airlines, the entity that purports to be backing the buyer, does not have any operations and also appears to be a shell company," the objection reads.

Barbra Parlin, counsel for Kenn Borek, said during a subsequent hearing that NELLA Airlines Group currently does not exist and that saying STK I US LLC is an affiliate of it “is a little bit like saying it is an affiliate of the wizard in the Wizard of Oz.”

The lease of C-GPOQ (msn 464) ends in October 2025 and Kenn Borek will not renew it, regardless of what happens with the ailing carrier, said Parlin.

NELLA Airlines Group is known for previously unsuccessfully attempting to invest in multiple airlines in Latin America, such as Aeromar Airlines, Albatros Airlines, and Amaszonas.

The Virgin Islands Consortium reported that a second potential bidder was present at the hearing, Bellair Aviation Holdings LLC. According to its representative, Nathan Wheat, this firm offered a higher bid than NELLA’s. However, it has not received any response from Seaborne’s management. No further information about Bellair Aviation Holdings LLC is publicly available.

Initially, Argentum Acquisitions LLC planned to acquire Seaborne Airlines alongside its now-defunct parent Silver Airways (3M, Fort Lauderdale International). However, after Seaborne was forced by the US Federal Aviation Administration to briefly halt its operations and provide maintenance to the sole turboprop in its fleet, leading to an estimated USD1 million loss in May, the bidder opted to modify the deal, and it did not purchase the airline.

Silver Airways was sold during its Chapter 11 restructuring to Wexford Capital, which decided to terminate flight operations immediately after the transaction was completed.