Silverjet suspends operations

31 May 2008

UK-based business-class-only airline Silverjet, which began flying daily to Dubai in November, announced yesterday that it had ceased operating. The company said it had yet to receive $5m it had requested under an earlier agreed $100m cash injection from UAE-based Viceroy Holdings. Silverjet said its 'working capital reserves were limited and that advances under the loan facility were required as a matter of urgency'. The company also said in a statement it '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'.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications