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LONDON - ArabJet, a planned premium class airline based in Dubai, is talking to the administrators of SilverJet, the failed business class carrier, about a possible sale, a source familiar with the talks said on Monday.Luton-based SilverJet, which operated three planes between London, Dubai and New York, collapsed into administration last month due to weak demand and record fuel prices.
Collapsed business class airline Silverjet PLC plans to be back in the skies within weeks after its administrators accepted a buyout offer from a Swiss investment firm.Begbies Traynor, which took control of Silverjet last month when it ceased operations after a key funding deal fell through, said it has agreed to principle terms from Kingplace Ltd. to acquire and relaunch the airline.
Silverjet CEO Lawrence Hunt has admitted he is reluctant to sell the all-business class airline.When speaking to Aviation Business, Hunt said any bid for the publicly listed airline cannot be rejected outright under London Stock Exchange rules.But the British businessman added: "Now is the wrong time to sell, but if someone puts an offer on the table we have to consider it".
Silverjet, the first all-business class carrier to fly to the region, says that the Middle East and Far East offer strategic growth opportunities, and the airline plans to continue its expansion following a recent major investment.
LONDON — Business-class airline Silverjet PLC, strained by high fuel prices and tight credit conditions, said Wednesday it had found a Middle East investor willing to pump US$100 million into the airline to keep it flying.
Silverjet, the first all-business class carrier to fly to the region, says that the Middle East and Southwest Asia offer strategic growth opportunities, and the airline plans to discuss its expansion at its debut at the upcoming Arabian Travel Market 2008 exhibition.
Investors who chose to sink their money into Silverjet – the all-business class airline based at Luton Airport – were no doubt reassured about the high-risk project by the track record of its chief executive, Lawrence Hunt.
Business class only airline Silverjet saw passenger numbers rise 12pc in December as it benefited from the collapse of rival Maxjet.In its monthly trading update, Silverjet said it had picked up 800 bookings from passengers with tickets on Maxjet services since the company filed for bankruptcy at the end of last year.