UPDATE: Silverjet Rescue Falls Through, Everyone Fired

[Matt Molnar]

Silverjet plans to resume flights after deal (http://www.iht.com/articles/2008/06/11/business/11jet.php)
Bloomberg News
Published: June 11, 2008

LONDON: 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.

Silverjet, which flew to New York and Dubai from London Luton airport, was purchased for an undisclosed sum in a deal due to be completed by Friday, the administrator Begbies Traynor Group said in a statement.

Kingplace is registered in Ireland and managed by a Geneva-based investment trust, Heritage. [Full article (http://www.iht.com/articles/2008/06/11/business/11jet.php)]

[Delta777LR]

Would that mean they will still be back at EWR?

[Matt Molnar]

Yup.

My question is: How many travelers are going to flock to an airline that already failed, especially since they're going to have to raise ticket prices? May as well just fly AA or BA, at least you can be certain they're probably not going to shut down unexpectedly tomorrow.

[AA 777]

Maybe these investors can give some money to me since they are dumping in into a hopeless cause.... :roll:

[Matt Molnar]

NY Times DealBook:

Silverjet Buyout Falls Through (http://dealbook.blogs.nytimes.com/2008/06/16/silverjet-buyout-falls-through/)
June 16, 2008, 7:20 am

It appears to be curtains for Silverjet, after the proposed buyout of collapsed business-class airline fell apart Friday and its 420 employees were laid off.

Kingplace, a Swiss investment firm, announced earlier this week that it had provisionally agreed to take over Silverjet, which suspended operations two weeks ago after running out of money.

But administrators for Silverjet said Friday that Kingplace was no longer in a position to proceed with a deal because of “complex negotiations with third parties.” According to The Guardian, Kingplace ailed to reach agreement with the British aviation watchdog and airplane-leasing firms. [Full Article (http://dealbook.blogs.nytimes.com/2008/06/16/silverjet-buyout-falls-through/)]

[Matt Molnar]

Owners still trying to recoup a few bucks for their troubles!


ArabJet may buy troubled airline Silverjet (http://uk.reuters.com/article/UK_SMALLCAPSRPT/idUKL1618290320080616http://uk.reuters.com/article/UK_SMALLCAPSRPT/idUKL1618290320080616)
Mon Jun 16, 2008 12:49pm BST
By Elena Moya

LONDON (Reuters) - ArabJet, a planned premium class airline based in Dubai, is talking to the administrators of SilverJet (SILJ.L: Quote, Profile, Research), the failed business class carrier, about a possible sale, a source familiar with the talks said on Monday. [Full Article (http://uk.reuters.com/article/UK_SMALLCAPSRPT/idUKL1618290320080616http://uk.reuters.com/article/UK_SMALLCAPSRPT/idUKL1618290320080616)]