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Silverjet 2 - The Phoenix?

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Silverjet 2 - The Phoenix?

Old 5th Jun 2008, 20:02
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Silverjet 2 - The Phoenix?

KINGPLACE CONFIRMS OFFER TO BEGBIES TRAYNOR FOR RELAUNCH OF SILVERJET.

4th June 2008, Kingplace Ltd. announces that it has made an offer to Begbies Traynor, administrator, and Lawrence Hunt, CEO of Silverjet, to relaunch the British exclusively business class airline.

Kingplace is registered in Ireland and managed by Heritage Cie S.A., a Geneva trust and management company. The offer by Kingplace is being made on behalf of private clients.

Ian Ilsley, Chairman of Heritage and a Director of Kingplace comments:

"Kingplace can confirm that it has made an offer to Begbies Traynor and Lawrence Hunt, CEO Silverjet, with a view to purchasing Silverjet. We are excited at the prospect of acquiring Silverjet and resuming operations as quickly as possible with the existing staff and in particular, Silverjet’s highly regarded crews. We will be investing in the future development and success of the brand. We will make a further announcement in due course".

Lawrence Hunt, Chief Executive of Silverjet comments:

“I am delighted to confirm that Kingplace is in conversation with Begbies Traynor about Silverjet resuming operations in the near future. As CEO of Silverjet my aim is to see Silverjet up and flying as quickly as possible, working with our incredible team of staff and delivering our very sivilised travel experience. We hope to make an announcement in the near future about when we will be able to resume operations.”
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Old 6th Jun 2008, 17:53
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Silverjet 2

Me thinks that there is more to this topic and the previous thread has been closed RIP. There are now 2 offers on the table. All this and no one has bothered to ask befree if this is allowed to happen

35

ps. would have called it "Silverjet 2 - The Phoenix" but that would not get past the Mods.
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Old 7th Jun 2008, 05:48
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http://www.telegraph.co.uk/money/mai...lverjet107.xml
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Old 7th Jun 2008, 07:21
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And who will crew the new operation?

Pilots who have gone off to other jobs?

Cabin crew who weren't paid?
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Old 7th Jun 2008, 09:30
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I understand all the arguements against this model, but why are some very cleaver and wealthy business people investing in a dead duck.

35
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Old 7th Jun 2008, 09:47
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Slim Shady,

Its been 1 whole week. Crews have not been made redundant. A handful of cabin crew may have resigned but everyone is still waiting to restart. A handful of pilots may have gone for interviews, but just as a back up. Remember they were over crewed as it was -ready for extra aircraft, so no problem with crews.

As for the rest of you-why dont you just manage your own lives instead of trying to be self proclaimed armchair philosophers.

Hope it works, but then I supoose you lot will still find something to moan and bitch about.
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Old 7th Jun 2008, 09:54
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And if it did restart, where will the passengers come from? Many thousands were left stranded and had to fork out extra money to get elsewhere, plus claiming on insurance etc. The trust will have gone and it would take a hell of a long time to get them passengers back.

Whilst Silverjet have an excellent product to sell, the finance will need a lot more than just promises and hot air to begin again.
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Old 7th Jun 2008, 10:13
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I see, people can`t make comments now? And seen as bitching etc...

The point is PPRuNe is a discussion forum hence you will get a point of view which you may like, dislike, agree or disagree.
I have made discussion points regarding Silverjet and I don`t expect others to agree with me.

However, I have been in a situation very similar although not in a world of high oil prices and economic turn down. If Silverjet laid you off you could claim benefits. Presently, making yourself redundant doesn`t help you.
The company has not paid the cabin crew? Right or wrong? You want to work for a company which isn`t going to do that?
Some people have the right idea.. move on...other clutching on to straws.
Oh the other thing...don`t believe what other crew you worked with tell you.. that one where "oh I`m hanging in there, talking of starting up again in xxth mth and all is going to be cool. Naw I`m not applying for airline123, or fly101 etc coz babe they are and they are keeping it close to there chest, first your hear will be end of June "Oh yeah I start BA Sept, Easyjet August etc"

I don`t dislike Silverjet, idea seems great, and location of work place fab for me, fly to good places.. but wrong product for today, and I saw as not safe enough to leave my current employer for.
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Old 7th Jun 2008, 10:15
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Perhaps it will mainly be a purchase of the name or perhaps they will restart but not using Luton as a base. Perhaps Dubai?.
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Old 7th Jun 2008, 10:18
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The name? The name is tarnished. The AOC might be worth something.
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Old 7th Jun 2008, 12:26
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The business model isn't bad, it is just that EOS, Maxjet and Silverjet didn;t have the cash flow to keep them going while they bulit themselves up to a position to make money.
There is still a market for all business carriers, either those supported by majors with a ready made customer base, ie Openskies and the planned London City - New York route, or a backer with a huge amount of money to keep it going until it can make money.

And as has been said I think the brand is damaged now, especially if they want to attract more business travellers.
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Old 8th Jun 2008, 07:34
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from The Observer website today..

www.guardian.co.uk/business/2008/jun/06/theairlineindustry


plenty of You Tube links. So look back with fond memories . Clutch at straws
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Old 8th Jun 2008, 15:29
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30% chance

I think silverjet has about a 30% chance of going again. The cost base will be lower if it can do a deal to lease the 767s cheaper and it will not have to repay all the loans. It would need to get all the bits of the package on the cheap and not lose money on expansions that never happen. A lot of what went wrong with Silverjet 1 was things done to con the shareholders. Off the stockmarket things can be more honest.

This will be very dependant on the oil price over the next two weeks. With AA going from stansted having about 1/3rd stands seating may help.
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Old 8th Jun 2008, 16:20
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In the Sunday times today it says that the CAA will require Silverjet, if it restarts, to have enough money in the bank to cover 6 months operations before they will let it fly again.
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Old 8th Jun 2008, 17:52
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Befree, thats generous of you. Anything to back your estimate up with or was that just a figure that sprung up.
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Old 8th Jun 2008, 19:47
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30% is just a guess. It could happen but its slightly more likely that it will not.
4 Airlines have pulled newyork to Stansead or luton flights. That must leave a small niche. may need some echonomy to make it work.
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Old 8th Jun 2008, 19:53
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If they do get it for pennies on the dollar, dont expect the original management to be retained!
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Old 9th Jun 2008, 21:09
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I was one of the so called stranded, i flew to Newark and was told during my trip, which just happened to be my wedding/honeymoon that operations had ceased. Was i disapointed yes, was i angry no, Would i use Silverjet again, yes i would, a top class service, fantastic staff from start to finish.

I wish all involved a speedy return to a job, more than well done, a crying shame we couldn't return in the style we arrived, but these things happen. And i at least knew i had a job to return too.

The negative comment's posted by some from the very start regarding SJ, imho cant have done buisiness any good yet alone staff moral, but take it from me they were worth every penny.

Good luck and get back in the air again.
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Old 10th Jun 2008, 15:02
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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
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Old 10th Jun 2008, 17:46
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Silverjet sold

http://business.timesonline.co.uk/to...cle4106938.ece
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