Silverjet has suspended trading on the AIM market of the London Stock Exchange.
On 6 May the airline revealed it had secured a loan facility to borrow up to £8.4 million and a proposed £4.3 million subscription agreement with investor Viceroy Holdings, which is affiliated with Viceroy Fund, an international luxury development fund based in the US and the United Arab Emirates.
On 2 May 2008, Silverjet Aviation served a notice under the loan facility to drawdown approximately US$5 million.
Silverjet has yet to receive the full drawdown.
Silverjet’s working capital reserves are limited and advances under the loan facility are required as a matter of urgency.
The business-class airline says it is continuing to have discussions with other parties, which have confirmed an interest in investing in the Company.
Its services continue as scheduled.