Another one bites the dust
LONDON – Last month Silverjet CEO Lawrence Hunt was telling an audience of travel industry executives in Dubai that the all-business airline was on course for expansion.
The UK airline hoped to use the funds from a UAE investor to assist the international rollout of the Silverjet brand into new markets within the Middle East, Asia and Africa.
Now, unable to secure critical funds from Viceroy Holdings, Silverjet shut down last Friday. It followed two other business class only airlines, Eos Airlines and MAXjet Airways, into the history books.
“Regrettably, due to unforeseen circumstances, [our potential investors] were unable to unlock the finance that we needed,†Hunt wrote in a letter posted on the airline’s website.
About 10,000 passengers are believed to have been affected by the shutdown.
Silverjet had been waiting for a US$5 million advance on the loan facility with Viceroy and had said its working capital reserves “were limited.”
The company has not given up, however, and Hunt said it is “working actively with new investors who are prepared to inject new funds so we can recommence operations.â€
Ian Jarrett
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