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Silverjet, the last of three all business class airlines operating between London and New York, has ceased trading.
The UK company, which suspended its shares on May 23, said on Friday (May 30) that it had suspended operations and called in administrators.
Silverjet said the decision to cease trading came after attempts to raise capital had failed.It said it had expected to receive $5m from a UAE-based company Viceroy holdings but this had not arrived.
The company said it was still in discussions but later announced it had called in Nigel Atkinson of Begbies Traynor as its administrator. A statement added: "The administrator will be undertaking a review of Silverjet's assets. The Board does not believe that there is likely to be any value realised for shareholders."
Its last flight was the 7.30am service on Friday to Dubai. BA, Virgin Atlantic and Etihad Airlines were among carriers which offered to help any stranded Silverjet passengers.
Lawrence Hunt, Silverjet's former ceo, said: "It is with deep sadness that I make this announcement today. The Silverjet team has worked exceptionally hard to try and turn this situation around, however with the time available, we were unable to secure the funding required to continue our operations.
"We have achieved a tremendous amount since we starting flying in January last year, both in terms of growing our passenger numbers every month and the industry recognition and awards which we have received.
"I would like to thank all our customers, employees, suppliers and shareholders for their support of Silverjet."
The demise of the company, which never made a profit after it started operations in January 2007, follows that of two rival all business class carriers, Eos Airlines which went out of business in April and MAXjet Airways which ceased trading last December.
It leaves L'Avion, a French carrier operating out of Paris Orly, and Lufthansa as the last two airlines running all business class transatlantic services.