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UAE investor bails out Silverjet

Silverjet, the last remaining business class-only airline following the recent collapses of MAXjet and Eos, has raised $25m in debt and equity from a mystery UAE investor, with a potential $75m to follow, reported Reuters. The company said in a statement that its working capital and residual reserves had taken a severe hit from high fuel prices and tightening of credit conditions in the airline industry. CEO Lawrence Hunt said the investor was a fund, not an individual. The airline currently flies to New York and Dubai from its base in Luton, north of London.