Silverjet to launch new routes after cash injection

LONDON (Reuters) - Business class only airline Silverjet is planning new routes to India, South Africa and the West Coast of the United States following a life-saving cash injection, its Chief Executive said on Wednesday.

CEO Lawrence Hunt said the airline, which currently flies to New York and Dubai from its base in Luton, north of London, told Reuters he hoped the expansion would be in place by the summer.

"That's what the $100 million (cash injection) is partly for... We need regulatory approval, which we are waiting on," he said in a telephone interview.

Silverjet, the last remaining business class-only airline following the recent collapses of MAXjet and Eos, said earlier it had raised $25 million (12.6 million pounds) in debt and equity from a mystery Middle East investor, with a potential $75 million to follow.

Hunt would not name the investor, although he said it was an investment fund rather than an individual. He added that he hoped the cash would help restore sentiment in the firm following widespread speculation it would follow its rivals into bankruptcy.

"The Eos collapse last week has affected sentiment among travel agents and customers. MAXjet went bust, Eos went bust, so people thought Silverjet would go bust," he said.

He added that the cash should be enough to see the company through to profitability, but he would not say when that would be due in part to the scale of the expansion plans and the high oil price.

Silverjet will issue its latest passenger numbers next week. Hunt said the group had taken "loads" of passengers who were previously planning to fly with Eos.

Shares in the company were up 17 percent at 17 pence -- the level of the equity part of the fund raising -- by 1551 GMT, valuing the firm at 11 million pounds.