SilverJet Rescued!
Taken from Daily Telegraph Website:-
Silverjet, the business-class only airline, is to fly again after being bought out of administration for an undisclosed sum by a Geneva-backed company.
The carrier, which flies to New York and Dubai from Luton airport, has been sold to Kingplace, a shelf-company registered in Ireland and managed by Heritage Cie SA, a Geneva trust and management company.
The offer by Kingplace is being made on behalf of private clients.
It's not clear what role Silverjet chief executive Lawrence hunt will have
Terms of a deal were agreed with Silverjet administrator Begbies Traynor this afternoon. Silverjet's chief executive Lawrence Hunt was involved in the negotiations, though his long-term involvement with the airline is currently unclear.
Silverjet grounded its fleet 10 days ago and collapsed into administration. It owed creditors £40m, £17m of which is secured against its three aircraft.
Of the remaining £23m, £10m is owed to property entrepreneurs Simon and David Reuben. The rest is due to trade creditors. Shareholders have lost everything and creditors are expected to receive only a few pence in the pound - at best.
Industry sources believe Kingplace will need to pump in £20m-£30m of fresh cash to have any realistic chance of reviving the business.
advertisement Aim-listed Silverjet began services on January 25 last year with a daily flight from Luton to New York. It upped that to twice daily and added a service to Dubai.
Mr Hunt refused to blame the soaring oil price for the company's problems, instead pointing the finger at bearish City analysts, who he claimed deterred people from booking.
Analysts had expressed doubts whether Silverjet could survive following the collapse of rivals Eos and MAXjet.