SilverJet Rescue Bid Fails
June 13th, 2008 Posted in Airlines, Travel Stories
Silverjet, the business class-only UK based airline which went in receivership last month has failed in a latch ditch attempt to secure a takeover deal resulting in the loss of 300 jobs, administrators said Friday.
Kingplace, an Ireland-based company managed by Heritage Cie SA, a Geneva-based investment firm, had agreed Wednesday to buy Silverjet for an undisclosed price.
“We now understand that, as a result of the unusually complex negotiations with third parties, Kingplace is no longer in a position to acquire Silverjet as a going concern,” administrators Begbies Traynor said in a statement on Friday, when the Swiss deal was due to complete.
“As a consequence, we have today had to make the entire workforce formally redundant, in line with our legal obligations as administrator.”
The failed airline’s 300 employees were made redundant earlier Friday, according to a spokesman for the administrator.
The proposed Swiss takeover had sparked hope that the airline would take to the skies once more.
Source: AFP
Silverjet follows US carriers Maxjet and Eos, which have also collapsed in recent months because of rocketing fuel prices, intense competition and slowing consumer demand amid a weakening global economy.
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