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| Troubled Silverjet stops flights | Troubled Silverjet stops flights |
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| Business airline Silverjet has suspended all flights after failing to secure essential funding. | Business airline Silverjet has suspended all flights after failing to secure essential funding. |
| Shares in the carrier were suspended earlier this month when it failed to obtain a critical $5m (£2.5m) loan. | Shares in the carrier were suspended earlier this month when it failed to obtain a critical $5m (£2.5m) loan. |
| The firm said other airlines were not obliged to honour unused Silverjet tickets and advised passengers awaiting return flights to make their own plans. | The firm said other airlines were not obliged to honour unused Silverjet tickets and advised passengers awaiting return flights to make their own plans. |
| It is the latest carrier to run into trouble as fuel prices soar on the back of record oil prices. | |
| Rival business airlines Eos and Maxjet have gone out of business this year while other carriers are struggling. | Rival business airlines Eos and Maxjet have gone out of business this year while other carriers are struggling. |
| Aviation analyst Laurie Price told the BBC that the soaring cost of jet fuel was a "serious problem" for airlines. | |
| You can see the difficulties they are in. It's going to be very difficult to operate a single-product model Laurie Price, aviation expert | |
| With oil prices doubling in the past 12 months, fuel now accounts for about a third of an airline's total costs - a situation creating misery for the whole industry, but particularly business-only class airlines. | |
| "You can see the difficulties they are in. It's going to be very difficult to operate a single-product model," Mr Price added. | |
| On the other end of the spectrum, budget airlines are also being squeezed, with Easyjet and Ryanair both having warned recently that profits will be significantly lower in 2008. | |
| Flights cancelled | |
| Silverjet operates two daily services between London Luton and Newark Liberty International Airport, which serves New York City, and one between Luton and Dubai. | |
| The last service departed from Dubai at 0730 BST. | |
| Passenger Mark Silk had arrived at Luton shortly after 0800 BST to board a Silverjet flight to New York with his mother and said he was initially "stunned by how good the service was". | |
| But 10 minutes after they checked in their luggage, he said: "The same people who checked us in came back to us shaking, one of them was crying." | |
| "They apologised... they'd just heard the news." | |
| SILVERJET Fare: London to Newark/Dubai £1099Number of aircraft: Three Boeing 767Number of seats: 100Seat size: 6ft 3in flatbed | |
| He said the founder and chief executive Laurence Hunt had personally apologised to all the affected passengers. | |
| "He was looking very disappointed, which must be an understatement for how he was feeling," Mr Silver added. | |
| Cost pressures | Cost pressures |
| As recently as last week Silverjet said it would continue its services as scheduled but warned that it needed to secure additional funds urgently. | |
| At the time, it said it was in discussions with a number of parties looking to invest in the firm and these negotiations continue. | At the time, it said it was in discussions with a number of parties looking to invest in the firm and these negotiations continue. |
| "Silverjet continues to be in discussions with investors interested in supporting the business of Silverjet, however it has yet to conclude such discussions to its satisfaction," the airline said. | "Silverjet continues to be in discussions with investors interested in supporting the business of Silverjet, however it has yet to conclude such discussions to its satisfaction," the airline said. |
| Silverjet started services in January 2007 and operates three aircraft. | Silverjet started services in January 2007 and operates three aircraft. |
| Airlines across the board are struggling to deal with rising cost pressures, many of them having to raise fuel surcharges and start charging for services such as checking in bags. | Airlines across the board are struggling to deal with rising cost pressures, many of them having to raise fuel surcharges and start charging for services such as checking in bags. |