Silverjet to rise from the ashes?

18th Jun 2008

Could it be third time lucky for beleaguered Silverjet? Given the past six long weeks in the history of the former luxury airline, few would bet on its salvation. However Reuters reports that ArabJet, a premium class start-up airline based in Dubai, is talking to the administrators about a possible rescue package.This would be the second attemped take-over of Silverjet by a UAE-based backer. Viceroy Holdings, was expected to inject a mixture of debt and equity into the business in May, but Silverjet was forced to call in administrators when it attempted to draw on Viceroy’s loan and found that there was no money available.

Talks to buy SilverJet by Kingplace, an Irish-registered company managed by Swiss trust and management company Heritage, collapsed on Friday, when the company made its 420 employees redundant.

Silverjet administrators Begbies Traynor but will not confirm that a bid has been made.


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