Carrier Might Relaunch Operations

The news has been full of airlines shutting down operations recently, but one is poised for a comeback.

SilverJet is a British specialty business-class airline serving London, Newark and Dubai. After starting scheduled service in January 2007, the airline won a number of awards for its service, including a Condé Nast Traveller Innovation and Design Award last year.

Early last month, SilverJet announced it had secured $8.4 million in financing from Viceroy Holdings, a development fund based in the United Arab Emirates and the United States. But on May 23, when the carrier discovered it was unable to gain access to $5 million of the money, it suspended trading of its stock. On May 30, operations were suspended.

Administrator Begbies Traynor told The Associated Press Monday he has received a formal offer from Kingplace, based in Ireland and managed by Geneva-based management company Heritage Cie SA, to buy and relaunch the airline.

If SilverJet returns, it may find the competitive waters a little less treacherous than during its first go. MAXjet Airways and EOS, two US-based airlines which started business-class service between London and New York in 2006, ahead of SilverJet, have both folded up shop during the recent run-up in fuel prices.

FMI: www.silverjet.com