Silverjet announced on 23 May 2008 that it had yet to receive the proceeds of the US$5.0 million drawdown request made under its loan facility with Viceroy Holdings LLC (“Viceroy”). It also announced that its working capital reserves were limited and that advances under the loan facility were required as a matter of urgency. Silverjet has not received any further sums from Viceroy.

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.

"It is with deep regret that the Board of Silverjet has therefore decided that it must suspend operations with immediate effect. The last service of Silverjet was the flight from Dubai to London Luton, which departed at 7.30 am (BST) on 30 May," as the carrier announced.

"We extend our sincerest apologies to those of you who have travel plans with Silverjet in the future and at present. You are advised to seek alternative travel arrangements with other carriers, and contact your credit card company or travel agent directly for information on obtaining refunds.

We are working actively with new investors who are prepared to inject new funds so we can recommence operations. If we are able to achieve this, we will make an announcement as soon as possible and we hope to be able to bring you our very 'sivilised' flying experience again," commented Lawrence Hunt, CEO of Silverjet.