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Silverjet, the business airline that went into administration on Friday, may be lining up a quick sale, a newspaper has reported.

The Sunday Times quoted industry sources in its article, which said Viceroy Holdings – the investment fund behind a failed refinancing deal - might be a bidder.

There is thought to be another offer from a group of former managers who recently left the airline, the report added.

The luxury airline suspended operations on Friday after an emergency loan failed to come through.

Previously, Silverjet said it had secured funding from a Middle East investor and admitted the cash was urgently needed to continue.

But the cash did not materialise, and the carrier, which operated business-only flights between London and New York, had to call in the administrators.

Silverjet was forced to tell customers it could not honour their tickets, nor could it issue refunds and advised passengers to contact their credit card company or travel agent instead.

The company, launched in 2007, has yet to make a profit. Recent surges in the cost of fuel has made conditions even tougher in the competitive airline industry, and several other companies including Oasis, Eos and Maxjet have also folded.

British Airways chief executive Willie Walsh recently warned the era of cheap flights is over as airlines will have to raise fares in order to offset the rising cost of fuel.