Silverjet Relaunch Imminent

Following up on the saga of Silverjet, which we wrote about last week, a tentative deal is now in place that would get the all-business-class carrier back in the air. Principal terms have been agreed with Kingplace Ltd., which is registered in Ireland and managed by a Geneva-based investment trust, Heritage, to acquire and relaunch Silverjet, subject to contractual completion which should come by June 13.

"Kingplace can confirm that it has agreed on terms to acquire Silverjet," said Ian Isley, chairman of Heritage and director of Kingplace. "If these negotiations are successful, we expect to take on all of the existing staff, to honor Silverjet's existing customers' tickets and see Silverjet return to the skies in a matter of weeks."

Said Lawrence Hunt, CEO of Silverjet, on the proposed deal: "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 relaunching our services in due course."

Silverjet had been shut down in May after expected key funding did not come through. Silverjet provides air service from Newark to Dubai via London's Luton Airport. Visit www.flysilverjet.com  for updates.

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