Appointed as Administrators to Silverjet, the business class-only transatlantic airline, operating from London Luton to New York and Dubai. The company had yet to receive the proceeds of a significant drawdown request made under its loan facility and working capital reserves were low.
A sale of the business as a whole was agreed, however, due to unusually complex negotiations between the purchaser and third parties, the sale was not able to complete. As a result of the collapsed sale, the workforce was made redundant, despite working hard to prevent this. Subsequently, all assets were sold for the benefit of the company’s creditors.