Silverjet rescued by Swiss company

Begbies Traynor, the administrator of business-class airline Silverjet, has confirmed that the airline has been rescued after a formal offer was received from a Swiss investment firm.

At the end of last month, Silverjet announced it was to cease flying after it was placed in administration when it failed to secure a $5 million cash injection from Viceroy Holdings, a investment group based in the Middle-East.

The airline, which is based at London’s Luton Airport and flies to New York and Dubai, has been bought for an undisclosed sum by Kingplace, an Ireland registered company controlled by Heritage Cie, an investment group based in Switzerland.

A statement from Begbies said the offer by Kingplace is being made on behalf of unnamed private clients.

Commenting on the rescue, Lawrence Hunt chief executive of Silverjet, said he was delighted that the airline has the necessary backing from a long term investor to re-launch Silverjet.

Ian Ilsley, chairman of Heritage and a director of Kingplace, said the group intends to take on all of the existing staff, to honour Silverjet’s existing customers’ tickets. He said Silverjet could return to the skies in a matter of weeks.

Like many other airlines, Silverjet has been struggling as a result of soaring oil prices. Aviation fuel prices have soared 76% in the last 12 months.

Last week, Michael O’Leary chief executive of budget airline Ryanair, warned that most of Europe’s airlines will go bust if oil prices remain high.

Story link: Silverjet rescued by Swiss company