UK all-premium carrier Silverjet has suspended operations after failing to secure much-needed funding from prospective investor Viceroy Holdings or any other channel.
London Luton-based Silverjet’s shares have been suspended since 23 May after cash from a $5 million loan and equity agreement with Viceroy Holdings failed to materialise. The airline has repeatedly stressed its working capital reserves are limited and that it urgently requires the loan advance.
“Silverjet continues to be in discussions with investors interested in supporting the business of Silverjet, however it has yet to conclude such discussions to its satisfaction,” it says today.
“It is with deep regret that the board of Silverjet has therefore decided that it must suspend operations with immediate effect. The last service of Silverjet was the flight from Dubai to London Luton, which departed at 07:30 this morning.”
Silverjet began transatlantic operations between Luton and Newark in January last year, deploying Boeing 767s configured in an all-business layout. It added Dubai to its fledgling network last November.
Viceroy had been planning to acquire a 28% share in Silverjet in exchange for an $8.5 million equity investment and a loan of up to $16.5 million, but in the absence of the loan advance Silverjet’s management urged shareholders to block the sale which was due to be voted on during an extraordinary general meeting today.
According to Flight’s ACAS database, Silverjet has three Boeing 767-200ERs. Two of these belong to Falak Investments and the final example is owned by Boeing Capital.
Source: flightglobal.com's sister premium news site Air Transport Intelligence news
Source: FlightGlobal.com
