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Business Class Only Airline Grounded

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Silverjet, the U.K. airline which flew exclusively business class flights, is permanently grounded. It has run out of cash after it failed to secure $5 million in emergency funding, Bloomberg is reporting. Founded 16 months ago at the peak of the credit fueled financial boom, the airline fell victim to falling demand for trans-Atlantic business travel and rising fuel costs.
It's a rough time for airlines. More than a dozen have collapsed in the past six months as oil prices skyrocketed. The industry may report $40 billion in combined losses this year, according to Bloomberg.
In an ironic twist, the last Silverjet flight took off from oil-rich Dubai today.
(Silverjet was, at some point, a DealBreaker sponsor.)