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Wednesday 11th June 2008
Just a couple of weeks ago the future of business class airline Silverjet seemed very much doomed to failure when an emergency funding agreement failed to materialise. The group, along with so many others in the sector, seemed to have been grounded forever by the rising oil price and falling passenger numbers, but maybe there is light at the end of the tunnel!
It has been announced that Kingplace, a company registered in Ireland but part of a Geneva based group, has agreed broad terms for a takeover of the Silverjet operation although how this will affect the creditors of the ‘old’ Silverjet remains to be seen. There is also the prospect of ongoing court action against a Dubai group which initially agreed a funding plan for the company some weeks ago, only to bail out at the last minute.
As with any bid for a company in administration there are a number of ‘hoops’ to jump through, but all parties involved are very keen to get the airline airborne again and ensure that the impact on the reputation of the business is kept to a minimum.
The group itself collapsed with over £40 million of debts although the fact that £17 million of these debts were secured against the group’s three aircraft may complicate the deal somewhat. Shareholders in the ‘old’ Silverjet will not receive any payout as the group has affectively been reborn from the ashes. |
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