Another Aviation Giant Goes Belly Up

Silverjet, the all business-class carrier, has become the third airline to cease operations after a key funding deal did not come through as expected. Silverjet operated service to Newark, NJ, and Dubai from its base at London’s Luton Airport. A statement from Silverjet says that the airline is still in discussions for funding but that nothing had materialized yet. Its last flight departed Dubai Friday morning.

The carrier was expecting to receive $25.1 million from investor Viceroy Holdings, $5 million of which was supposed to be received on May 2, but never came through.

More than a dozen carriers have collapsed in the past six months largely due to the staggering price of oil, which has contributed to the industry possibly reporting $40 billion in combined losses this year, more than three times the level after the Sept. 11 terrorist attacks.