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ArabJet Shows Interest In SilverJet

by Jason Gorringe, Tax-News.com, London

19 June 2008


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.


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