AIRLINE NEWS
Thursday, June 12, 2008
Silverjet plans to resume flights after deal
Silverjet, the all business-class carrier that ceased operations 13 days ago, said Wednesday that it plans to resume flying after agreeing to be bought by Kingplace.
iht.com
iht.com
Labels: Silverjet
Sunday, June 08, 2008
Silverjet attempts a remarkable return to the skies
Silverjet, the most high-profile victim of the oil squeeze in the British airline industry, is attempting an audacious comeback from administration under chief executive Lawrence Hunt.
Hunt surprised doom-mongers in the aviation business last night by announcing he had teamed up with Heritage Cie, a Swiss investment company, to make a bid for the carrier. Kingplace, a vehicle backed by Heritage, said it had lodged an offer with Silverjet's administrators, Begbies Traynor.
Hunt said he hoped to make a further announcement soon about the resumption of flights by the Luton Airport-based airline.
He said: "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."
Ian Ilsley, chairman of Heritage, said he was "excited" about acquiring Silverjet and "investing in the future development and success of the brand". Begbies Traynor could not be reached for comment.
Meanwhile, US carrier Continental brought the number of job cuts in the American airline industry so far this year to nearly 22,000 yesterday by announcing the cutting of 3,000 jobs and the grounding of 67 planes.
United Airlines and American Airlines have made similar announcements in recent weeks.
Source: guardian.co.uk
Hunt surprised doom-mongers in the aviation business last night by announcing he had teamed up with Heritage Cie, a Swiss investment company, to make a bid for the carrier. Kingplace, a vehicle backed by Heritage, said it had lodged an offer with Silverjet's administrators, Begbies Traynor.
Hunt said he hoped to make a further announcement soon about the resumption of flights by the Luton Airport-based airline.
He said: "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."
Ian Ilsley, chairman of Heritage, said he was "excited" about acquiring Silverjet and "investing in the future development and success of the brand". Begbies Traynor could not be reached for comment.
Meanwhile, US carrier Continental brought the number of job cuts in the American airline industry so far this year to nearly 22,000 yesterday by announcing the cutting of 3,000 jobs and the grounding of 67 planes.
United Airlines and American Airlines have made similar announcements in recent weeks.
Source: guardian.co.uk
Labels: Silverjet
Saturday, May 31, 2008
Silverjet grounded as funding falls through
Silverjet on Friday became the third business-class-only airline in just six months to cease operations, unable to cope with rising fuel costs or attract new financing.
The British airline, which was one of four independent carriers that focused on flying business travelers across the Atlantic, suspended its service after just 18 months in business. Its last flight touched down at the Luton airport of London Friday afternoon.
iht.com
The British airline, which was one of four independent carriers that focused on flying business travelers across the Atlantic, suspended its service after just 18 months in business. Its last flight touched down at the Luton airport of London Friday afternoon.
iht.com
Sunday, May 25, 2008
Silverjet shares suspended on AIM
Shares in the loss-making business class airline Silverjet have been suspended after it failed to get money vital to the company's survival.
Silverjet said it had agreed a new loan agreement worth £8.4m earlier this month, and had then asked for £5m to be transferred to its bank accounts.
However, it has yet to receive the cash and as a result asked the London Stock Exchange to suspend its shares.
Despite the problems, Silverjet said it would continue services as scheduled.
Urgent matter
The UK airline, which flies from London's Luton Airport to New York and Dubai, is having to deal with high fuel prices and tight credit conditions.
A number of other airlines have also had problems, prompting many of them to raise fuel surcharges and start charging for services such as checking in bags.
Airlines only offering business class services have been hit particularly hard, with Eos and Maxjet already having ceased operations.
"Silverjet's working capital reserves are limited and advances under the loan facility are required as a matter of urgency," the company said.
"In the circumstances, Silverjet has requested, and the London Stock Exchange has confirmed, an immediate suspension in the trading of the ordinary shares of the company on the AIM market," it added.
"Silverjet continues discussions with other parties, which have confirmed an interest in investing in the company.
Silverjet started services in January 2007 and operates three aircraft.
Source: news.bbc.co.uk
Silverjet said it had agreed a new loan agreement worth £8.4m earlier this month, and had then asked for £5m to be transferred to its bank accounts.
However, it has yet to receive the cash and as a result asked the London Stock Exchange to suspend its shares.
Despite the problems, Silverjet said it would continue services as scheduled.
Urgent matter
The UK airline, which flies from London's Luton Airport to New York and Dubai, is having to deal with high fuel prices and tight credit conditions.
A number of other airlines have also had problems, prompting many of them to raise fuel surcharges and start charging for services such as checking in bags.
Airlines only offering business class services have been hit particularly hard, with Eos and Maxjet already having ceased operations.
"Silverjet's working capital reserves are limited and advances under the loan facility are required as a matter of urgency," the company said.
"In the circumstances, Silverjet has requested, and the London Stock Exchange has confirmed, an immediate suspension in the trading of the ordinary shares of the company on the AIM market," it added.
"Silverjet continues discussions with other parties, which have confirmed an interest in investing in the company.
Silverjet started services in January 2007 and operates three aircraft.
Source: news.bbc.co.uk
Labels: Silverjet
Sunday, May 11, 2008
Silverjet plans new hub in UAE
Silverjet, the British business-class-only airline, said it is considering setting up a new hub in either Dubai or Abu Dhabi after receiving a $100 million cash injection from a UAE-based investor.
gulfnews.com
gulfnews.com
Friday, April 11, 2008
Silverjet Says It's in Takeover Talks
Silverjet Plc, the unprofitable business-class airline that began flying from London to New York last year, said it's in talks about a possible takeover.
bloomberg.com
bloomberg.com
Tuesday, May 08, 2007
Maxjet plans £100m AIM float to fund growth
Low fare business class carrier Maxjet is to float on the London stock exchange, following the lead of rival carrier Silverjet.
independent.co.uk
independent.co.uk
Labels: Maxjet, Silverjet, stock exchange
Thursday, January 25, 2007
Silverjet begins London - New York route
Business class only carrier Silverjet began its first route between London and New York today, offering passengers a check in time of just 30 minutes while also introducing a mandatory carbon contribution within its fares to offset emissions.
guardian.co.uk
guardian.co.uk
Labels: London, New York, Silverjet
