Principal terms agreed with Kingplace Ltd. to acquire and relaunch Silverjet
Completion expected by 13 June 2008
Nigel Atkinson and Mark Fry of Begbies Traynor, joint administrators for Silverjet plc and its subsidiaries, confirm that the principal terms have been agreed with Kingplace Ltd. to acquire and relaunch Silverjet, subject to contractual completion which is expected by 13 June 2008.
Mark Fry, senior partner from Begbies Traynor and joint administrator for Silverjet commented:
“We are pleased to have agreed principal terms with Kingplace to relaunch the airline. This agreement is excellent news for the Company’s suppliers, staff and loyal customers.”
Ian Ilsley, Chairman of Heritage and a Director of Kingplace comments:
"Kingplace can confirm that it has agreed terms with Begbies Traynor to acquire Silverjet. If these negotiations are successful, we expect to take on all of the existing staff, to honour Silverjet’s existing customers’ tickets and see Silverjet return to the skies in a matter of weeks.”
Lawrence Hunt, Chief Executive of Silverjet comments:
“I am personally delighted that we now have the necessary backing from a long term investor to relaunch Silverjet. We have received fantastic support from our staff, customers and partners in helping us put this deal together. We will be working around the clock to launch our New York and Dubai services as quickly as possible and we will make an announcement about the date for re-launching our services in due course.”
The re-launch of the airline service is subject to regulatory approval.
- Ends -
For further information, please contact: www.begbies-traynor.com
Begbies Traynor 0207 398 3800
Mark Fry/Nigel Atkinson
Smithfield (PR to Begbies Traynor) 020 7360 4900
Reg Hoare/Lucinda Kemeny/Katie Hunt
Notes to Editors:
About Begbies Traynor: Begbies Traynor is part of Begbies Traynor Group plc, a specialist professional services organisation providing independent professional advice and solutions to businesses, financial institutions, the accountancy professions and individuals in the areas of corporate finance, recovery, investigation, risk management, commercial finance and
specialist tax advice. It is listed on AIM (Ticker: BEG.L).
About Silverjet plc: Silverjet plc is a business class, low fare, long haul airline operator which was admitted to AIM in May 2006. Its shares were suspended on 23 May 2008 and, on 30 May 2008, it suspended all operations and was put into administration. Silverjet is the winner of the Sunday Times Award for Best Airline 2007, two Conde Nast Traveller Awards in 2007, one for Favourite Business Class Only Airline and one for Design and Innovation and Best Airline Website 2007 awarded by Travolution.
About Kingplace: Kingplace is registered in Ireland and managed by Heritage Cie S.A., a Geneva trust and management company. The offer by Kingplace is being made on behalf of private clients.