Begbies Traynor Appointed as Joint Administrators to Silverjet plc

Begbies Traynor, the UK’s leading independent business rescue, recovery & restructuring specialist, which is part of Begbies Traynor Group plc today makes an announcement in respect of Silverjet plc (“Silverjet” or “the Company”).

Nigel Atkinson and Mark Fry of Begbies Traynor have been appointed as joint administrators and are speaking to interested parties with the aim of achieving a sale of the business. The administrators invite any other interested parties to contact them urgently.

Silverjet, the AIM-listed airline operator, was placed into administration having announced on 23 May 2008 that it had yet to receive the proceeds of the US$5.0 million drawdown request made under its loan facility with Viceroy Holdings LLC (“Viceroy”). It also announced that its working capital reserves were limited and that advances under the loan facility were required as a matter of urgency. Since that time, Silverjet has not received any further sums from Viceroy.

Mark Fry, Partner, Begbies Traynor, commented:

“A number of interested parties have already been in contact, ahead of our appointment as administrators, and we are confident of achieving a sale given the attractions of the Company.  Silverjet’s increasingly strong operational performance, award-winning customer service, and positioning as the last business class only transatlantic airline operator, underpin its potential given adequate funding.”