Silverjet suspends flights due to funding crisis

Silverjet, the business-class-only airline, has suspended all flights after failing to secure new funding. The last service was a flight from Dubai to London today.

The airline, which launched in January 2007, has failed find £12.7m in necessary funding. It comes a week after shares in the company were suspended after Viceroy Holdings, a United Arab Emirates-based investment fund, decided not to invest £5m in the company.

Silverjet has been losing money and struggling with high fuel costs since its launch. It says: “It is with deep regret that the board of Silverjet has therefore decided that it must suspend operations with immediate effect.”

Earlier this month, sales and marketing director Katherine Gershon left the company without a job to go to. She was replaced by Tamarah Khatib, who took over as head of marketing.

The airline has cancelled a total of five flights throughout today and is offering customers refunds for unused tickets.

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