Silverjet became the latest airline to declare bankruptcy, resulting in an immediate grounding of its entire fleet, due in large part to the burden of record-high fuel prices. Silverjet built its reputation as a business-class only airline, which was able to provide passengers with a premium level of service at much lower prices than those offered by its competitors. For example, the carrier’s airfares were generally one third the price that British Airways charged for seats in its Club World (business class) cabins. Silverjet operated a hub at London’s Luton Airport and it focused on medium and long-haul travel. The carrier’s final flight took off earlier today, and was headed to Dubai.

Passengers who wished to book tickets with Silverjet online, or those who had already arranged their reservations were shocked to find that the carrier’s website (http://www.flysilverjet.com/) had been removed and replaced with a message from Lawrence Hunt, the airline’s CEO, who noted that the company would “no longer able to honour flight reservations.” Those who have already booked tickets are being told that their only option is to contact their credit card company or travel agent in order to receive a refund.

High oil prices have forced seven other airlines out of business in recent weeks, including some major brand names, like MAXJet and Eos, both of which also focused on premium class travel between the United Kingdom and popular destination in the US. Silverjet also found itself with no other alternatives except insolvency, because a major investment that it had hoped to receive failed to materialize.



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