Kingplace agrees deal to buy Silverjet

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Administrators for collapsed UK all-premium operator Silverjet have agreed a deal to sell the carrier to a Geneva trust fund-backed company, which hopes to resume the carrier’s flights within “a matter of weeks”.

Silverjet appointed Begbies Traynor a lead administrator on 30 May, the same day it was forced to suspend operations. The London Luton-based operator had been serving Newark and Dubai with Boeing 767s before a failure to obtain a much-needed loan forced it to stop flights.

Efforts have since been underway to try and secure a buyer for the business and earlier this month an Irish-registered firm, Kingplace, which is managed by a Geneva trust company Heritage Cie, emerged as a potential buyer.

 © Silverjet

Now in a statement the administrators say “principal terms” have been agreed with Kingplace to acquire and relaunch Silverjet, subject to contractual completion expected on 13 June. The Kingplace offer is being made on behalf of private clients.

Heritage chairman and a Kingplace director, Ian Ilsley says: “Kingplace can confirm that it has agreed terms with Begbies Traynor to acquire Silverjet. If these negotiations are successful, we expect to take on all of the existing staff, to honour Silverjet’s existing customers’ tickets and see Silverjet return to the skies in a matter of weeks.”

Silverjet CEO Lawrence Hunt says: “I am personally delighted that we now have the necessary backing from a long term investor to relaunch Silverjet. We have received fantastic support from our staff, customers and partners in helping us put this deal together.

“We will be working around the clock to launch our New York and Dubai services as quickly as possible and we will make an announcement about the date for re-launching our services in due course.”

The relaunch of flights is subject to regulatory approval. No terms for the deal were disclosed.

Source: Air Transport Intelligence news