Financial Times

Silverjet rescue bid collapses, business-class airline lays off employees

The proposed buyout of collapsed business-class airline Silverjet fell apart on Friday and its 300 employees were formally fired, the administrator said.

Irish-based Kingplace Ltd. announced earlier this week that it had provisionally agreed to take over Silverjet, which suspended operations two weeks ago after running out of money.

But Nigel Atkinson and Mark Fry of Begbies Traynor, joint administrators for Silverjet, said Friday that Kingplace was no longer in a position to proceed with a deal. ''We now understand that, as a result of the unusually complex negotiations with third parties, Kingplace is no longer in a position to acquire Silverjet as a going concern'', the administrators said. Kingplace is managed by Geneva-based management company Heritage Cie SA, ''As a consequence, we have today had to make the entire workforce formally redundant, in line with our legal obligations as administrator.''
Silverjet employed 260 pilots and cabin crew and 40 administrative staff.


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