In the face of exorbitant rise in the costs of fuel many companies are forced either to suspend or permanently close their important businesses. Silverjet is not an exception. On Friday it decided to stop the operations since it failed in getting emergency funds for the all-business class carriers.

The carrier runs regular flights from London’s Luton Airport to Dubai and New York. It was making desperate attempts to get the funds from potential investors to tide over its financial crunch. The talks are not yet proved to be fruitful.  Silverjet is facing a serious threat to its survival due to recurring losses and the mounting fuel costs.

Two of its rivals Maxjet Airways and Eos Airlines of the US have already ceased their operations on account of bankruptcy. The airline was negotiating for funding from Viceroy Holdings, a Middle East and US based fund, but did not succeed. It asked London’s alternative investment market to suspend its shares.
The airline announced suspension of its flights soon after departure of Dubai to London Luton flight at 7.30 am London time on Friday. Silverjet would make further announcement soon. It requested customers to avail ticket refunds from their travel agents or credit card companies.