ArabJet Offers to Purchase Silverjet, Emirates Business Reports
By Shaji Mathew
June 10 (Bloomberg) --
ArabJet, a Dubai-based aviation company that plans to start operations in 2009, has offered to buy
Silverjet PLC for an undisclosed sum,
Emirates Business 24/7 reported, citing a person it didn't identify.
ArabJet is awaiting clarifications from the airline's administrator regarding potential legal and financial liabilities, according to the Dubai-based newspaper.
Silverjet, which sold business-class only tickets to New York and Dubai, never made a profit in 16 months. The airline grounded planes on May 30 after running out of cash. Silverjet had its shares suspended last month after it failed to secure $5 million in emergency funding from United Arab Emirates-based Viceroy Holdings LLC.
To contact the reporter on this story:
Shaji Mathew in Dubai at
[email protected]
Last Updated: June 10, 2008 01:11 EDT
http://www.bloomberg.com/apps/news?p...U2ENw&refer=uk