Silverjet, the troubled business class-only airline, was continuing to take bookings this morning even though it has yet to receive critical new financing.

The airline continues to fly in face of mounting financial pressure after it revealed last week that a $25 million (£12.6 million)rescue package had collapsed.

Shares in the airline were suspended on Friday, as the company said that it needed a cash injection “imminently” if it was to keep flying.

A spokeswoman for Silverjet said today that the company had not heard anything new over the bank holiday weekend and was awaiting a proposed investment from a Middle Eastern group.

Earlier this month the company announced that Viceroy Holdings, a subsidiary of the Viceroy Fund, a hedge fund run by investors from the United Arab Emirates, would invest $25 million in return for a 28 per cent stake in the AIM-listed carrier. Lawrence Hunt, the chief executive, said that a further $75 million would be made available to expand the airline, which listed 18 months ago and employs about 110 staff.

The spokeswoman added today that the airline was “still waiting on Viceroy.”

The Luton-based carrier, which offers business-class flights to New York and Dubai for about one third of the price of a British Airways ticket, said last year that it was losing about £1 million a month. This figure is rumoured to have doubled in recent months. Silverjet's share price has fallen from 120p at flotation to 13½p before its stock was suspended.

One analyst said Silverjet’s days were numbered and that he would not be surprised if other relatively new players disappeared within the year.

“Silverjet will struggle to find any backers in the current oil price and economic climate; any backer would have to fund losses for some time,” he said.

Silverjet, with rivals Maxjet and Eos, have struggled to tap into the lucrative business-only market because they offer fewer flights and perks than the larger carriers. Both Eos and Maxjet filed for bankruptcy protection this year.

“Lots of the smaller guys have put on capacity but don’t have the balance sheets to ride this out,” the analyst said. “Hedging (of fuel) is now running out and the pain is starting to come through.”

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax