The Dean

13:30 08Jun08 RTRS-Swiss investment co makes offer for Silverjet

DUBAI, June 8 (Reuters) - A Swiss investment company said on
Sunday it had made an offer to buy and relaunch Britain's
business class-only airline Silverjet <SILJ.L> which collapsed
last month.
Ireland-registered Kingplace, which is managed by Swiss
trust and management company Heritage, said it was making the
offer on behalf of private clients.
"Kingplace can confirm that it has made an offer to
(administrator) Begbies Traynor and Lawrence Hunt, CEO
Silverjet, with a view to purchasing Silverjet," Ian Ilsely,
director of Kingplace and chairman of Heritage, said in a
statement.
"We are excited at the prospect of acquiring Silverjet and
resuming operations as quickly as possible with the existing
staff... We will be investing in the future development and
success of the brand. We will make a further announcement in due
course."
Silverjet was set up in early 2007 and flew 88,000
passengers in just over a year, operating services from London
to New York and Dubai.
It became the third business class-only airline flying
between London and New York to collapse after failing to get an
emergency $5 million loan from Abu Dhabi-based investors.
Record fuel prices and worsening economic conditions in
Britain and the United States had buffeted the airline.
"I am delighted to confirm that Kingplace is in conversation
with Begbies Traynor about Silverjet resuming operations in the
near future," Hunt said in the statement.
"We hope to make an announcement in the near future about
when we will be able to resume operations."

(Reporting by Lin Noueihed, Editing by David Cowell)
Gulf newsroom, +971 4 391 8301,

Sunday, 08 June 2008 13:30:43
RTRS [nL08256661] {EN}
ENDS

lionheart

But there will be no cash for any of its shareholders. I still believe the boss should be investigated by the Fraud Squad for announcing on Reuters News Service that the company had secured funding, when in fact they had not

Fairydust

And they will more than likely have to find new crews as two or three of the pilots I know who worked for them had already a couple of intereviews lined up for elsewhere and not sure how keen anybody else would be to go and work for them