Silverjet halts flights

The U.K.'s Silverjet plc on Friday said it had stopped flying as it struggles to secure the investment it needs to stay afloat.

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The announcement comes a week after it said agreed backer Viceroy Holdings LLC had failed to extend a $5 million loan it urgently needed. Luton, England-based Silverjet said Viceroy still hasn't stumped up the funds and although it's talking to other possible investors, it hasn't reached any deals.

Silverjet, led by CEO Lawrence Hunt, had offered business-class flights to Newark Airport and Dubai from its Luton hub. The company's troubles echo those of Silverjet's business-only peers, Eos Airlines Inc. and MAXjet Airways Inc., which both recently filed for Chapter 11 protection. - Laura Board

For the full story, including advisers, see TheDeal.com
For more on airlines in trouble see Dealwatch: Airlines and bankruptcy

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