from FlightGlobal:
Silverjet halts share trading after struggling to obtain loan
By David Kaminski-Morrow
UK all-premium carrier Silverjet has requested that trading in its shares be suspended, after warning that it has yet to receive $5 million requested under a recent loan agreement.
Silverjet sought the drawdown on 2 May after securing a loan and equity agreement with investment firm Viceroy Holdings.
Viceroy has agreed to take a 28% share in Silverjet for £4.3 million ($8.5 million) and provide a three-year loan of up to £8.4 million. The airline has already stated that its working capital reserves are limited and that it urgently requires the loan advance.
But the carrier says today that it has “yet to receive the full drawdown” of an initial $5 million.
photo © Silverjet
Silverjet, which operates Boeing 767s from London Luton to Newark and Dubai, says that it has requested an immediate suspension of trading in its shares on the London stock exchange’s Alternative Investment Market.
It adds that it is continuing discussions with other prospective investors in the carrier. None has been identified by name.
not good news. i heard they got $25 million from someone in the UAE. guess it's deja-vu all over again....
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Originally Posted by Lezam
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