Ground control for Camerons with Silverjet insolvency role
CMS Cameron McKenna has landed the lead role advising the administrators on the collapse of business class airline Silverjet. The airline announced on 30 May that it was grounding all of its flights and appointed administrators shortly afterwards.
June 11, 2008 at 10:37 PM
2 minute read
CMS Cameron McKenna has landed the lead role advising the administrators on the collapse of business class airline Silverjet.
The airline announced on 30 May that it was grounding all of its flights and appointed administrators shortly afterwards.
Camerons is advising lead administrator Begbies Traynor on the collapse, fielding a team led by London corporate recovery and banking litigation partner Robert Hickmott and banking partner Martin Brown.
The collapse has generated roles for a raft of City firms, with Lovells advising the Bahraini investors owning two of Silverjet's three aircraft. Banking partners Robin Hallam and Matthew Andrews are taking the lead, alongside restructuring and insolvency partner Paul McLoughlin.
Baker & McKenzie is advising Luton Airport Authority, where Silverjet housed its three planes.
It is understood that Allen & Overy is advising one of the leasing companies involved in the administration.
Hickmott told Legal Week: "The key is keeping control of the assets and holding the business together so that there is something valuable to sell. There has always been a glamour attached to airlines that seems to excite investors, so the challenge is not to generate interest, it is working out who the serious players are and who is wasting your time.
"Unusually for an insolvency, this job has been very positive – everybody wants the business to survive."
Silverjet – which was set up around 17 months ago and flew from Luton to Dubai and New York – called in the administrators after failing to secure an emergency $5m (£2.56m) loan from Gulf investors.
In a statement announcing the administration, Lawrence Hunt, former chief executive of Silverjet, said: "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."
The company floated in 2006 when Morrison & Foerster advised on its $47m (£24m) stock offering, with corporate partner James Gubbins leading the team.
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