Silverjet Announces Potential Investment of Up to $100 Million

Silverjet, the British exclusively business class airline, announced an update on its working capital position and that it has entered into a memorandum of understanding with a UAE-based investor.

Following recent material increases in fuel prices and tightening of credit conditions in the airline industry, Silverjet’s working capital has deteriorated and its residual reserves are limited.

The memo provides that approximately $25.0 million will initially be invested directly in Silverjet by means of debt and equity. It is anticipated that the equity element will amount to approximately $8 million which will be subscribed at 17 pence per share.

The memo also sets out the intent by the Investor to invest up to a further $75 million in the ongoing development of Silverjet and to participate in the international rollout of the Silverjet brand and concept into new markets within the Middle East, the Far East and Africa.