Silverjet creditors face big losses
08.08.08
An update has been posted on Silverjet, the Luton Airport based all business class airline that went into administration on May 30. According to a report filed at Companies House on July 26 by administrator Begbies Traynor the all business class airline could theoretically realise about £3.2 million of total assets, thought to be £72.7 million.
However, the report adds that Silverjet owes £210,000 to ‘trade and expense creditors’, and £10 million to TFB Mortgages, which refers to a loan from the Reuben brothers, the property billionaires. That leaves Silverjet with a ‘total deficiency’ of £7.4 million.
The document also confirms that a last-minute bid to rescue Silverjet by Irish company Kingplace was aborted on June 13 because it could not ‘agree future funding requirements with the CAA’.
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