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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Saturday 14th June 2008
The ongoing saga of business class airline Silverjet hit a new low yesterday when it was announced that yet another rescue package has failed. It seems that for the second time in less than 6 weeks the staff at the airline have been fed false hope, with 370 pilots and 50 administration staff relieved of their duties yesterday. So what is really happening?
To lose one rescue package is unfortunate, but to lose two is unheard of in recent times!
It seems as though the more recent bid by Kingplace was scuppered by the demands of the Civil Aviation Authority (CAA) which is believed to have request a much higher level of capital to be injected into the company than first assumed. As a consequence, Kingplace is no longer able to afford the package which was announced only a few days ago, leaving the Silverjet operation grounded again. There also appear to have been a number of issues about the future leasing of planes by the group, although this does not seem to have been the ‘deal breaker’.
There seems to be a forlorn hope that Kingplace will step back into the fray and acquire the business as a ‘non-going concern’ but this seems highly unlikely and even the administrators have suggested liquidation will follow fairly soon. |
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