Silverjet suspends shares as lifeline fails (another airline failing)

[brooklynite]

Source: The Telegraph

Trading in Silverjet, the sole surviving business class only airline, was suspended this morning after the company failed to receive the funding lifeline it was relying on.

The airline requested that the shares be suspended on London's Alternative Investment Market after private equity group Viceroy did not provide the $5m it had agreed to lend Silverjet on May 2. A spokesperson for Silverjet, which flies from Luton to New York and Dubai, said that no flights had been cancelled and the airline was still taking bookings.

"Viceroy still wants to invest in Silverjet but it hasn't been able to access the funds it needs," she said.

While she said operationally it was "business as usual", the company said in a statement that it needed the funding "as a matter of urgency" because capital reserves were "limited."

Read more: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/23/bcnsilver423.xml

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While the company is British, most of its business is to or from NYC.

[kestrel91316]

1. I'm just crossing my fingers that United stays in business until

I return from NOLA in July.........

[ladjf]

2. We will continue to loose airlines and truckers as the oil prices

go up. At some point, those who are "fixing" the oil prices might realize that they are "killing" their own business and that they had better ease off the prices.

Another possibility is that it doesn't work that simply meaning that along with the shutdown airlines and trucking industries, the rest of the American economy goes into a precipitous crash. At that point of desperation, the American Govt. would start invading oil suppliers and confiscating their wells and infrastructure. Who knows the outcome of that? But, it couldn't be good.

This could all be avoided if the U.S. would start RIGHT NOW on a crash program of switching to at least 15% alternate energy sources. The changeover to alternate sources would reduce the oil prices sooner that you might think. They would be recognizing that the end of the oil monopoly is as near as 8 to 10 years.

Is that going to happen? No. Even as I write this, Congress is working on legislation that would simply continue with subsidies and tax rebates for alternate energy initiatives. If the bill gets passed, Bush has already said that he would veto it. Could there be any better proof of Bush's lack of concern with America's welfare. He would rather see the entire economy wrecked simply to get a few more trillions into the bank accounts of the oil and coal profiteers.

[LeftyMom]

3. Is there any way to find out what airlines are stable?

I have to fly cross-country at the end of summer, and I don't want to fly with a carrier that might be gone when I have to leave, or worse yet, half-assing repairs to save a buck.

[Barrett808]

4. Is somebody keeping track of all the airlines that are going under/merging?

Seems like a worthy endeavor, recording the canaries...