Silverjet Airlines saved by mystery investor

Silverjet, the UK business-class airline, announced yesterday that it has found a UAE-based investor to avert its deteriorating working capital position. Under the terms of a memorandum of understanding, agreed on April 29, the unnamed investor will provide funds of approximately $25 million in debt and equity.

Silverjet’s working capital has decreased in recent months due to increasing fuel prices and tightening of credit conditions in the airline industry.

The airline commenced flights from London to Dubai International Airport in November 2007. Eos and MAXjet, two other business-class only airlines, have filed for bankruptcy in recent months.