- The Washington Times - Saturday, May 31, 2008

LONDON (AP) - Silverjet PLC suspended operations yesterday after a key funding deal for the British business-class airline failed to materialize.

Silverjet operated services to Newark Liberty International Airport in New Jersey and to Dubai, United Arab Emirates, from its base at London’s Luton Airport. It said discussions with possible investors were continuing but no new financing had been secured.

Silverjet, which suspended trading in its shares a week ago, said its last flight departed Dubai yesterday morning.

Carriers that offered similar business service flights have collapsed recently.

MAXjetAirways Inc., which operated out of Washington Dulles International Airport, was the first to fold late last year after running out of money. EOS, which also started business-only services from London to New York in 2006, collapsed last month.

Silverjet said it had not received the $25.1 million it thought was coming Viceroy Holdings LLC, an international luxury development fund based in the United Arab Emirates and the U.S.

The airline had expected an initial installment of $5 million on May 2.

“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 company said.

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