Business case disappears with Silverjet demise

FUEL prices have claimed the last of three business class airlines set up to service primarily the transatlantic market.

Following the demise of Maxjet and EOS in recent months, Silverjet has announced it has ended operations, despite a last ditch attempt to secure additional finance.

Silverjet stated that it has suspended operations with immediate effect, after failing to raise sufficient working capital from the money markets.

The airline had operated all-business class Boeing 767s from its London Luton base to the US and Dubai and had marketed a cargo product on each flight.

Chief executive officer, Lawrence Hunt, said in a statement on the airline’s website that:“Regrettably, due to unforeseen circumstances, they [the company’s investors] were unable to unlock the finance that we needed. As a result, we are very sad to announce that from 30 May 2008, we will cease operations and we are no longer able to honour flight reservations.

“We are working actively with new investors who are prepared to inject new funds so we can recommence operations. If we are able to achieve this, we will make an announcement as soon as possible.”

However, the prospects of the airline flying again in the current climate appear remote.