ArabJet Shows Interest In SilverJet
ArabJet, a proposed Dubai-based premium-class airline, is reportedly in talks
to buy the failed UK business class airline SilverJet after a deal between administrators
and Irish investors recently collapsed. Citing a source familiar with the sale, the Reuters news agency reported on
Monday that ArabJet is talking to SilverJet's administrators, Begbies Traynor,
about a possible sale. The report suggests that another lifeline may be handed to the stricken company
following the collapse of talks between SilverJet's administrators and Kingplace,
an Irish-registered company managed by a Swiss trust and management company,
over the sale of the airline. It has been reported that the sale broke down due to Civil Aviation Authority
(CAA) demands for at least six months capital to be available in order to grant
Silverjet a new operator’s licence. All 420 of the airline's employees
were made redundant on 13th June following the closure of the talks. Weakened by rising fuel prices and poor demand, Silverjet announced on 30th
May that it had suspended operations after failing to secure funding from external
backers. The airline operated three aircraft between London Luton, New York
Newark and Dubai airports. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.