Tuesday, June 10, 2008

Silverjet Redux?

Dunno what exactly to make of this announcement today that Silverjet, the all-business-class airline that ceased operations two weeks ago, is planning a re-launch. In this market?

Anyway, here's what they say in a statement from Silverjet founder Lawrence Hunt:

"Nigel Atkinson and Mark Fry of Begbies Traynor, joint administrators for Silverjet plc and its subsidiaries, confirm that the principal terms have been agreed with Kingplace Ltd. to acquire and relaunch Silverjet, subject to contractual completion which is expected by 13 June 2008.

Mark Fry, senior partner from Begbies Traynor and joint administrator for Silverjet commented:

“We are pleased to have agreed principal terms with Kingplace to relaunch the airline. This agreement is excellent news for the Company’s suppliers, staff and loyal customers.”

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

"Kingplace can confirm that it has agreed terms with Begbies Traynor to acquire Silverjet. If these negotiations are successful, we expect to take on all of the existing staff, to honour Silverjet’s existing customers’ tickets and see Silverjet return to the skies in a matter of weeks.”

Lawrence Hunt, Chief Executive of Silverjet comments:

“I am personally delighted that we now have the necessary backing from a long term investor to relaunch Silverjet. We have received fantastic support from our staff, customers and partners in helping us put this deal together. We will be working around the clock to launch our New York and Dubai services as quickly as possible and we will make an announcement about the date for re-launching our services in due course.”

The agreements are subject to regulatory approval."


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