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Business class airline suspends flights

Last flight for Silverjet from Dubai today

Silverjet has become the latest business class only airline to suspend operations as high oil prices and the credit crunch take their toll.

The airline’s last flight left Dubai bound for Luton airport at 7.30 this morning. However, Silverjet has not given up hope of re-starting operations in the future.

“Silverjet continues to be in discussions with investors interested in supporting the business of Silverjet, however it has yet to conclude such discussions to its satisfaction,” the airline said in a press statement.

Last Friday Silverjet announced that it had not received initial funding from investor Viceroy Holding and that its working capital reserves were limited. In a letter to customers on the airline’s website, CEO Lawrence Hunt writes:

“Your belief in us was shared by our investors - but regrettably, due to unforeseen circumstances, they were unable to unlock the finance that we needed”.

Silverjet is advising customers to seek alternative travel arrangements with other airlines and to contact their credit card company or travel agent for information about obtaining a refund.

Virgin Atlantic has already stepped in to offer “special fares” to Silverjet ticket holders. The airline is offering one way flights from Heathrow airport to New York in Upper Class for £899, and flights to Dubai in Upper Class for £759.

Silverjet now becomes the third business class only airline to fail this year. Rival US based airlines MaxJet and Eos, which also offered flights to New York, also fell victim to rising oil prices and the credit crunch.

Written by: Nick Purdom